U.S. Senate Democrats Press Banks to Scrap Overdraft Fees
A group of U.S. Senate Democrats is pressing large U.S. banks to scrap or significantly reduce overdraft and other fees they charge customers with insufficient funds.
In a letter sent to seven large firms Thursday, the group of five lawmakers -- including Senate Banking Chairman Sherrod Brown -- called for a "fairer and more transparent" fee structure.
Democratic lawmakers and regulators are placing heightened scrutiny on bank fees. The group cited recent research from the Consumer Financial Protection Bureau, which found nearly 80% of such fees are charged to only 9% of accounts. The CFPB is currently soliciting public feedback on ways to potentially curtail overdraft and other "junk fees," and a House Financial Services subcommittee will hold a hearing Thursday on the fees.
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