1. United States
2. Wisc.
3. Letter

The Senate's vote to overturn the $5 cap on overdraft fees imposed by the Consumer Financial Protection Bureau is a major setback for American consumers. This rule aimed to save households an estimated $5 billion annually by restricting exorbitant overdraft charges that far exceed the banks' costs for covering shortfalls. Without this protection, hard-working families will continue paying excessive fees that drain their limited finances whenever they inadvertently overdraw their accounts, even by small amounts. Repealing reasonable limits enables the banking industry to keep levying disproportionately high penalties on customers, often the most vulnerable, simply for short-term deficits. I urge you to reject this resolution and safeguard consumers from being nickel-and-dimed by unfair overdraft practices. Preserving the overdraft fee cap is crucial for preventing banks from exploiting customers and depleting financial resources that could otherwise cover critical expenses. Putting people over profits must be the priority.