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00:02U.S. banks collected $1.6 billion in overdraft fees in the third quarter,
00:08up 9.4% from the previous quarter and the highest amount in four years, according to Reuters.
00:15J.P. Morgan's overdraft fees rose 32%, and Wells Fargo's increased 17% since the first quarter of
00:222025, collecting a combined $590 million in the third quarter.
00:28Citi eliminated the fees in 2022.
00:31Bank of America's overdraft fee revenue has risen 49% since the first quarter of 2025 to $55 million,
00:40well below J.P. Morgan and Wells Fargo.
00:43The bank reduced its overdraft fee from $35 to $10 in 2022, following a critical CFPB report.
00:51Fees have risen steadily since Congress overturned a Biden-era rule that would have capped overdraft
00:56charges at $5 per transaction.
00:59Overdraft fees have risen steadily, climbing 23% since the first full quarter of Trump's
01:05second term, but remain well below their all-time highs.
01:09Economists warn that rising overdraft fees could signal deteriorating consumer finances.
01:14For all things money, visit Benzinga.com.
