SNL: $1B+ Banks Report $2.5B from Q1 Overdraft Fees

SNL Financial reported the three largest banks in the U.S. collectively hauled in $1.14 billion from overdraft fees, including related service charges, during the first quarter. JPMorgan Chase, Bank of America and Wells Fargo each reported more than $350 million in overdraft fees.

Starting in the first quarter, banks with more than $1 billion in assets were required to report overdraft fees charged to consumers on transaction and non-transaction deposit products intended primarily for individuals. In total, approximately 600 banks filed the new overdraft data in the first quarter and collectively these companies took in $2.51 billion in overdraft fees.

To view the full SNL report, click here.

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