Big banks have drastically cut overdraft fees, but customers still paid $2.2 billion last year
Publishing timestamp: 2024-02-09 12:36:28
Summary
The three biggest American retail banks, JPMorgan Chase, Wells Fargo, and Bank of America, reported a 25% decline in overdraft revenue in 2023 compared to the previous year. This decline is attributed to new ways for customers to avoid penalties and regulatory pressure to limit charges. Overdraft fees have been a lucrative source of revenue for banks, but they are now facing scrutiny and potential restrictions.
Sentiment: MIXED
Keywords: breakingnewsglobal, jamie dimon, breaking news: markets, jpmorgan drn, wells fargo & co, business news, bank of america corp, consumer banking, investment strategy, breaking news: investing, banks, consumer financial protection bureau, elizabeth warren,