The Overdraft Protection Act was voted out of the House Financial Services Committee, under the leadership of Rep. Maxine Waters.

This legislation would ban deceptive tactics, limit fees, set up consumer protections and stop Wall Street banks from reaping enormous profits at the expense of the most economically vulnerable.

A report by the Consumer Financial Protection Bureau (CFPB) found that the majority of debit card overdraft fees are incurred on transactions of $24 or less, and that the majority of overdrafts are repaid within three days.

Think about it this way: if the fee banks charge were a loan and a consumer borrowed $24 for three days and paid the median overdraft fee of $34, such a loan would carry a 17,000% annual percentage rate. If it’s outrageous as an interest rate, it’s unacceptable as a fee.

This legislation is popular with the American public, including 76% of Republicans and 68% of Independents. Banks are currently raking in more than $15 billion a year in overdraft fees, despite often using deceptive tactics to increase their profits at the expense of the customer.

Congress must act now to end this financial abuse. The Overdraft Protection Act has already passed out of a House committee, now it’s time to bring it to the floor for a vote. Please join the push by adding your name now.

Tell Democratic Leadership:
Stop overdraft profiteering by Wall Street banks!
Bring the Overdraft Protection Act to a floor vote now!