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Banking

“Big banks have drastically cut overdraft fees, but customers still paid $2.2 billion last year”

“…

  • 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.

…”

https://www.cnbc.com/2024/02/09/jpmorgan-chase-wells-fargo-cut-overdraft-revenue-to-2-billion-in-2023.html

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