In 2022, Americans paid over $8 billion in fees as a result of bank overdrafts and insufficient funds (NSF). Some of this total includes “junk fees,” through which banks prey on unaware consumers.But overdrafts and NSF are also a source of emergency credit for low-income consumers who cannot afford to miss an important payment. Prohibiting these fees may cause many consumers to lose access to utilities or other needed goods or services.Better disclosure can help. Consumers should receive notification and the opportunity to approve every transaction that results in a fee. This notification and approval process is already in place for ATM fees. It should be extended to overdraft and NSF fees.
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