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Fintech Nexus Publication (February 9, 2024): Overdraft charges on the high three banks down 25%

I discuss overdraft charges lots. I dislike the product as banks have been incomes billions from their most susceptible prospects. It’s also the realm the place fintech has had a dramatic impression.

Again in 2019, I wrote in regards to the motion in the direction of no overdraft charges as fintech corporations supplied higher choices for customers. This was years earlier than the CFPB put overdraft charges of their crosshairs.

The impression is now being felt on the nation’s largest banks. Right now, we discovered that overdraft payment income in 2023 was down 25% at JPMorgan Chase, Wells Fargo and Financial institution of America. The whole remains to be $2.2 billion which is an excessive amount of however change like this doesn’t occur shortly.

If and when the CFPB’s new overdraft guidelines come into impact this quantity will cut back dramatically. In the meantime, fintech corporations proceed to offer a higher various to overdraft charges.

Whereas we gained’t get to zero any time quickly, we are going to proceed to see decreased overdraft income at massive banks, which is a good factor for customers.

> Huge banks have drastically minimize overdraft charges, however prospects nonetheless paid $2.2 billion final 12 months

Overdraft income is on the decline, however current filings present that JPMorgan Chase and Wells Fargo stay by far the biggest mills of the controversial charges.

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  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media firm centered on fintech. Peter has been writing about fintech since 2010 and he’s the writer and creator of the Fintech One-on-One Podcast, the primary and longest-running fintech interview sequence.



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