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CFA statement in response to CFPB report on consumer experiences with overdraft and insufficient funds fees

WASHINGTON, DC (December 19, 2023) — The Consumer Federation of America released the following statement in response to the report, published today by the Consumer Financial Protection Bureau, on consumer experiences with overdraft and insufficient funds fees.

Many overdraft and insufficient funds fees deserve to be called ‘surprise fees,’ said Adam Rust, Director of Financial Services for the Consumer Federation of America. The data from this report shows a high share of overdrafters never have trouble paying their bills, and many fee recipients had less expensive forms of credit at their disposal. The CFPB’s report affirms how a strong rule on overdraft fees will protect consumers and improve the transparency of checking account markets.”

About The Consumer Federation of America

The Consumer Federation of America is an association of more than 250 nonprofit consumer organizations that was established in 1968 to advance consumer interest through research, advocacy, and education.