Wall Street is Making Big Bucks from Overdraft Fees — Again

Money

Wall Street is Making Big Bucks from Overdraft Fees — Again

NEW YORK — The country’s largest banks have increased the amount they collect from customers in overdraft fees, according to new government data, just as regulators are considering whether to issue rules that would rein in their use.

Wells Fargo saw the biggest increase, 16 percent, in the amount collected in overdraft fees during the first quarter compared to the same period a year earlier, while the levies grew 6 percent for Bank of America and JPMorgan Chase, the country’s largest bank. The amount collected by the more than 600 banks included in the Federal Deposit Insurance Corporation data jumped 6 percent to $2.7 billion overall.

The FDIC began collecting data on overdraft fees just last year and banking industry officials note that the increase may just be a blip or simply reflect that they have more customers.

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Comments
One Response to “Wall Street is Making Big Bucks from Overdraft Fees — Again”
  1. BOBBI SWANN says:

    I’ve said his before, many times! GET YOUR MONEY OUT OF THE BANKS! They are going to screw you over and over and over again. Move your funds to a credit union where you are PAID to have your money deposited. You can get overdraft protection and many other benefits that the banks will NEVER offer. They offer all the perks that the banks offer, are much friendlier and your money is just as safe there as in the banks (ha-ha as if they were ever safe in the banks).

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