The Consumer Federation of America (CFA) submitted a statement to the Senate Banking, Housing & Urban Affairs Committee highlighting the alarming consequences of debanking—the sudden and often unexplained closure of consumer bank accounts. The statement underscores how junk fees, particularly overdraft fees, push low-income consumers into a downward financial spiral, ultimately locking them out of the banking system. CFA points to the widespread use of consumer reporting agencies like ChexSystems, which can blacklist individuals for years, even after repaying debts, preventing them from reentering the financial system. The testimony also raises concerns about non-bank payment apps, which freeze or close consumer accounts without transparency, and outlines systemic barriers faced by formerly incarcerated individuals in securing basic banking access. CFA urges policymakers to strengthen consumer protections, eliminate punitive bank fees, and ensure fair access to banking services for all Americans.