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Tell Congress: Support the CFPB’s $5 Cap on Overdraft Junk Fees

The Consumer Financial Protection Bureau’s (CFPB) overdraft fee rule is at risk. This important new protection will slash typical overdraft fees at big banks from $35 per transaction to just $5, saving the 23 million households who pay overdraft fees $5 billion a year, an average of $225/year for households who pay overdraft fees.

The new rule helps millions of people, but it still faces threats. Siding with Wells Fargo and other big banks over working families, Republican leadership, joined by several senators and House members, has introduced Congressional Review Act (CRA) resolutions to overturn rule.

Urge Congress to support the CFPB and its overdraft rule and save struggling families billions in fees every year. Adding your personal overdraft fee story will make your message more effective.

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Sign & Send the Sample Letter to Your Representative TODAY to Urge Them to Support the Overdraft Protection Act

Tell your representative to support the CFPB's $5 cap on bank overdraft fees

Subject: Support the CFPB's $5 Cap on Overdraft Fees

Message:

I’m writing today to urge you to defend the important work of the Consumer Financial Protection Bureau (CFPB) and to side with the 23 million households who pay overdraft fees each year in opposition to efforts to overturn a rule to save those low-income consumers $5 billion a year in junk fees. The CFPB rule caps most big bank overdraft fees at $5, down from the typical $35 per transaction – which is much higher than the actual cost to the financial institution of covering an overdraft. The rule still allows banks to cover overdrafts and also allows transparently priced overdraft lines of credit. Those credit lines would have no price limit but the bank would be required to disclose the annual percentage rate, to consider a consumer’s ability to repay the loan, and to give people time to pay. The CFPB's overdraft rule will have an immediate impact on low-income consumers — saving families living paycheck to paycheck and facing routine bank overdrafts an average of $225 a year. That's real money at a time when households really need it. Hard-working Americans need you and your colleagues to reject efforts to repeal the overdraft rule and allow the CFPB to continue to go to bat for us. The CFPB is committed to protecting communities from ripoffs, unfair practices, and corporate abuses. This rule is an essential tool for helping ordinary people and ensuring a more just financial system. Please get back to me to confirm you will stand with the CFPB and the millions of Americans who deserve relief from junk overdraft fees. The CFPB is committed to protecting communities from compounding the systemic inequities they already face. This rule is an essential tool for addressing those disparities and ensuring a more just financial system. Please get back to me to confirm you will stand with the CFPB and the millions of Americans who deserve relief from junk overdraft fees. Sincerely,

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Tell Congress: Support the CFPB’s $5 Cap on Overdraft Junk Fees

Sign & Send the Sample Letter to Your Representative TODAY to Urge Them to Support the Overdraft Protection Act

Sign & Send the Sample Letter to Your Representative TODAY to Urge Them to Support the Overdraft Protection Act

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Sign & Send the Sample Letter to Your Representative TODAY to Urge Them to Support the Overdraft Protection Act

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