Keeping Unnecessary Fees in Check

The Biden administration recently announced a new initiative to reduce banking overdraft fees—the latest in their crackdown on ‘junk fees’. The proposal could bring the fee down to as little as $3, removing an unnecessary burden on American consumers, particularly those living paycheck to paycheck.

According to research from the Consumer Financial Protection Bureau, the nation's largest banks make nearly $8 billion a year on overdraft service fees alone.

The reduction in overdraft fees would help a large percentage of people struggling to make ends meet reserve more money for essentials like food and housing, as well as encourage the adoption of banking services in many marginalized communities.

Emmaus House partners with PNC Bank to make mobile banking units and financial literacy training available to our neighbors and residents. Click below to learn more about our partnership with PNC Bank.