SaverLife CEO Issues Statement on Capital One, Bank of America, and Wells Fargo Dropping Overdraft Fees

Leigh Phillips, President & CEO of SaverLife and Chair of the Consumer Advisory Board of the Consumer Financial Protection Bureau, issued the following statement in response to the decision of several banks to drop punitive overdraft fees:

“As the CEO of a nonprofit dedicated to financial health, the Chair of the CFPB Consumer Advisory Board, and a major contributor to the national Bank On movement, I am encouraged by the recent actions of Capital One, Bank of America, and Wells Fargo to eliminate punitive overdraft fees. This important step is way overdue—for too long, too many banks have profited from those who can least afford to pay, charging excessive fees that can trap consumers in a debt cycle or force them to leave the financial mainstream completely. With the financial technologies available today, banks have healthier and more ethical ways to help consumers manage cash flow. Your bank should contribute to your overall financial stability and health, not strip wealth from your account with excessive fees. There is simply no reason for high-cost overdraft fees to exist, and we at SaverLife hope more banks will take this important step and offer safe and affordable accounts to all.”