Pew's Comments: Impact of Overdraft Programs
- Safe Checking in the Electronic Age
- June 29, 2012
Ms. Monica Jackson
Office of the Executive Secretary
Consumer Financial Protection Bureau
1700 G Street, NW
Washington, DC 20006
RE: CFPB Docket No. CFPB-2012-0007, Impacts of Overdraft Programs on Consumers (Comment on Request for Information)
Dear Ms. Jackson:
The Pew Safe Checking in the Electronic Age Project is dedicated to data driven research on deposit accounts. The project raises awareness, builds partnerships with industry, and advocates for policies that reduce risks and allow Americans to responsibly manage their checking accounts.
We appreciate the Consumer Financial Protection Bureau’s (CFPB) Request for Information (RFI) about overdrafts. Nine out of 10 Americans have a checking account, making it the most widely used financial services product in the United States.1 These accounts provide a secure way for Americans to collect earnings and make payments, and for many, they serve as the entry to the financial mainstream. As a central component to financial security, it is important to ensure that checking accounts do not lead to financial distress because of hidden, unexpected and costly overdraft fees.
Download the PDF of the full letter.