As a result of supervisory work by the Consumer Financial
Protection Bureau (CFPB) to address consumer payment obligations it refers to
as “junk fees,” companies have returned $140 million to consumers.
Approximately $120 million was for surprise overdraft fees and double-dipping
on fees charged for non-sufficient funds.
The CFPB has taken a decidedly hardline approach when it
comes to fees the bureau deems illegal and that place unreasonable barriers in
front of consumers when trying to access basic information about accounts they
own, as exemplified by findings included in the bureau’s Fall 2023 Supervisory
Highlights Junk Fees Update Special Edition.