WASHINGTON–The government watchdog Accountable.US this week projected a digital message on the headquarters of the Consumer Bankers Association here that read, “Big Banks Charge Overdraft Fees to Rake in Billions.”
The message further urged people to “Be a bank lobbyist’s worst nightmare & learn more about their greed.”
The effort is part of what Accountable.US said is its ongoing digital ad campaign “debunking” what it called “misinformation” by the CBA against the Consumer Financial Protection Bureau’s proposed rule that seeks to limit overdraft fees charged by banking institutions to a range of $3 to $14, “down from as much as $42.”
The organization said similar digital ads are running throughout February on a network of news sites, entertainment apps, and weather apps in the Capitol Hill area that direct users to DefendAmericanConsumers.org for “information on how the overdraft practice exploits American families.”
‘Will Say & Do Anything’
“Big bank CEOs and lobbyists will say or do anything to keep American families needlessly paying billions in overdraft fees every year – even telling them they should be grateful for being price-gouged,” Accountable.US’ Liz Zelnick said in a statement. “Anyone who’s paid a $42 overdraft fee knows these well-hidden junk fees are designed to do one thing: pad big banks’ bottom line.”
Accountable.US’ campaign comes at the same time NCUA has also indicated it plans to be more aggressive when it comes to overdraft pricing at credit unions.