Women Paying 30% More in Overdraft Fees Than Men Is Reason Enough Why Trump’s CFPB Shouldn’t Gut Overdraft Rules
See July 29 Bloomberg piece, ‘Women Pay 18% More in Banking Fees Than Men, Research Finds’. Reaction from Jeremy Funk, spokesman for consumer watchdog group Allied Progress:
“It’s bad enough working women in America make 49 cents for every dollar a man makes. It’s insult to injury that the big banks have found a way to weasel substantially higher banking and overdraft fees out of women on top of it. As the CFPB continues its review of overdraft fee rules, a top consideration should be how to help close the gender gap, not make it worse. If Director Kraninger decides to weaken ‘opt in’ rules and make it easier for banks to charge high overdraft fees for small items consumers would have preferred declined, it would have a disproportionately negative impact on women. The prospect of women paying even more overdraft fees while making less should be all the reason Kraninger needs to strengthen the rule.”
Previous from Allied Progress:
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