Rep. Maloney statement on JPMorgan Chase eliminating fees for overdrafts of $5 or less

WASHINGTON, DC – Rep. Carolyn Maloney (D-NY), senior member of the House Financial Services Committee, today applauded JPMorgan Chase for new overdraft policies:

“JPMorgan Chase’s decision to exempt purchases of $5 or less from incurring overdraft fees is good news for consumers. For JP Morgan customers, this truly does mean the end of the $35 cup of coffee. But this should be standard industry practice-- along with other protections-- without the need for consumer action.”