On March 31, 2022, Gusto sent a letter to House Financial Services Committee Chairman Perlmutter and Ranking Member Luetkmeyer regarding the Subcommittee on Consumer Protection and Financial Institution’s hearing entitled “The End of Overdraft Fees? Examining the Movement to Eliminate the Fees Costing Consumers Billions.”
In an effort to inform the Subcommittee’s exploration of overdraft fees, the letter highlights Gusto’s experience designing Gusto Wallet as an inclusive and responsible option for small business employees to access financial products and features. The letter notes that Gusto does not charge overdraft fees, monthly maintenance, or minimum balance fees for any of the accounts and outlines how Gusto Cashout was intentionally designed to be borrower friendly, transparent, and a better substitute than other forms of high-cost credit intended to promote financial inclusion.
Read the full letter here: