“Big banks have drastically cut overdraft fees, but customers still paid $2.2 billion last year”
February 20, 2024
“…
- The three biggest American retail banks collected 25% less overdraft revenue last year as the companies created new ways for customers to avoid the penalties.
- JPMorgan Chase, Wells Fargo and Bank of America reported a combined $2.2 billion in overdraft fees in 2023, roughly $700 million less than in 2022, according to regulatory filings.
- The industry is girding itself for a battle over overdraft fees after the Consumer Financial Protection Bureau proposed to limit charges to as little as $3 per transaction.
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