Stop Overdraft Profiteering Act of 2021

The Stop Overdraft Profiteering Act of 2021 aims to limit the fees banks and credit unions can charge when a customer spends more money than they have in their account. If passed, the bill would restrict the number of overdraft fees a bank can charge to one per month and six per year, while requiring that any such fees be "reasonable" in relation to the bank's actual costs.

For everyday consumers, this legislation would prohibit banks from charging fees on transactions that are declined at the point of sale and prevent fees caused solely by "debit holds" (temporary holds that exceed the actual purchase price). Additionally, the bill would require banks to provide more transparent disclosures about their overdraft programs and bar them from reporting a customer’s overdraft history to credit bureaus as long as the fees and balances are paid.