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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