Rep. Rich McCormick voted to remove the rule capping bank overdraft fees at $5 per transaction — letting big banks jack up fees for families in Georgia.
Big banks collectively bring in roughly $8 billion annually in overdraft fees, which currently have no legal limit. Overdraft fees can be as high as $35 per instance. According to the Consumer Financial Protection Bureau, a majority of overdrafts — about 70% — are charged to customers with average account balances between $237 and $439.
“Currently, banks take $8 billion every year from families’ pocketbooks,” said DPG spokesperson Alex Yerkey. “Real leaders would put an end to this kind of exploitation, but unfortunately for constituents of Georgia’s Seventh Congressional district, they have Rich McCormick shilling for big banks instead of standing up for Georgians.”
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