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Banks rake in more than $6 billion from fees
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Banking, Consumer Protection
Tuesday, January 19, 2016
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JPMorgan Chase, Bank of America and Wells Fargo – the three largest banks in the U.S. – earned more than $6 billion last year from ATM and overdraft fees, the equivalent of every American adult paying $25. Overall, American banks took in an estimated $32.5 billion in overdraft fees, and $42.3 billion in total fees. The news is likely to draw more attention to the product as the Consumer Financial Protection Bureau begins its rulemaking process on overdraft. Read on to learn more.
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