WASHINGTON, D.C. –The Consumer Federation of America released the following statement in response to the report, published today by the Consumer Financial Protection Bureau, on consumer experiences with overdraft and insufficient funds fees.

Many overdraft and insufficient funds fees deserve to be called ‘surprise fees,’ said Adam Rust, Director of Financial Services for the Consumer Federation of America. The data from this report shows a high share of overdrafters never have trouble paying their bills, and many fee recipients had less expensive forms of credit at their disposal. The CFPB’s report affirms how a strong rule on overdraft fees will protect consumers and improve the transparency of checking account markets.”