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House Co-Sponsorship Memoranda
House of Representatives
Session of 2023 - 2024
Regular Session
MEMORANDUM
| Posted: | May 8, 2024 07:37 PM |
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| From: | Representative Arvind Venkat |
| To: | All House members |
| Subject: | Prohibiting Additional Paper Account Statement Fees |
| A paper statement fee is an additional charge that a bank, credit card company, or other business may charge consumers when they request a printed copy of their account statement. Many large financial institutions take part in charging these fees, which typically range from $0 to $5, but can add up to high annual costs if sent monthly. Recently, a resident in my district notified me of their experience receiving paper statement fees from their credit card company and the impact it has had on them. These fees also can take a toll on people with lower incomes, older adults, and people with limited access to technology. It is evident that these additional costs hurt and penalize our most vulnerable populations. Therefore, I believe we must take steps to remove these fees and prevent consumers from being forced to pay these burdensome extra costs. For these reasons, I will be introducing legislation (attached) that would prohibit any person, partnership, corporation, association, or other business entity from charging additional fees to consumers for a paper statement. Under this legislation, any business entity that requires consumers to pay a paper statement fee would be considered an unfair or deceptive practice under Act 387 of 1968 (Unfair Trade Practices and Consumer Protection Law). The bill will also specify that there is no prohibition in any person, partnership, corporation, association, or other business entity from creating incentives for a consumer to select an alternative to a paper statement. This would allow these entities to reduce costs for consumers should they wish to receive an electronic or other form of account statement, but not raise costs for receiving a paper statement. This legislation will allow consumers to receive a physical copy of their account statement without any additional costs, which will save money for consumers and prevent further financial distress on lower-income households and older adults. Pennsylvania consumers should not be forced to pay unnecessary fees to receive a physical copy of their account statement. It is simply unfair for consumers to pay these fees when they are just trying to view their spending, track their finances, or pay their bills. I hope that you join me in supporting this legislation to prohibit paper statement fees and provide greater protections for consumers. |
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| View Attachment | ||
Introduced as HB2292