A bill that would eliminate overdraft fees in Pennsylvania is making its way through the Pennsylvania House.
Lawmakers are proposing the “Protecting Your Accounts”, H.B. 1553, which they say will help protect consumers in Pennsylvania.
Supporters of the bill say overdraft fees often impact low- and moderate-income residents, creating a cycle of debt.
While the Pennsylvania’s Banking and Credit Union Associations in an op-ed argued the bill would hurt credit unions and banking institutions by not charging consumers fees for processing overdrafts.
The bill passed through the house commerce committee by a vote of 14-12 and was split along party lines.
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