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Pennsylvania State Senate
02/05/2025 12:08 PM
Pennsylvania State Senate
https://www.legis.state.pa.us/cfdocs/Legis/CSM/showMemoPublic.cfm?SPick=20250&chamber=S&cosponId=44224
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Senate of Pennsylvania
Session of 2025 - 2026 Regular Session

MEMORANDUM

Posted: December 12, 2024 10:01 AM
From: Senator Nick Pisciottano
To: All Senate members
Subject: Prohibiting Additional Paper Account Statement Fees
 
We have reached a point where every additional fee or charge that a consumer faces can have a significant impact on their family’s financial well-being.  We talk a lot about costs, and it is time to identify and act upon the reduction of avoidable fees and costs that do not need to be passed onto consumers.

We have all experienced a fee associated with paper statements, imposed by banks, credit card companies and other businesses. Fees can often reach $5 per statement, accumulating into significance annual costs.  These sorts of charges tend to disproportionally impact low-income individuals, older adults, and those with limited technology access, effectively penalizing vulnerable populations.

For these reasons, I intend to introduce companion legislation to Rep. Venkat’s (HB 2292 of 2023-24) to prohibit businesses, including individuals, partnerships, corporations, and associations, from charging consumers extra fees for paper statements. Under our legislation, imposing such fees will be classified as an unfair or deceptive practice.

This legislation will not restrict businesses from offering incentives to encourage consumers to choose electronic or alternative statement formats. Instead, it ensures that consumers are not penalized for opting to receive a paper statement while allowing cost-saving options for those who prefer digital statements.
This legislation aims to protect consumers from unnecessary financial burdens, allowing them to receive physical account statements without additional charges. It will particularly benefit lower-income households, older adults, and those without access to technology.

I ask that you join me in cosponsoring this legislation to eliminate paper statement fees and provide stronger consumer protections for all Pennsylvanians.




Memo Updated: December 12, 2024 10:02 AM