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Stock impact report

U.S. overdraft fees jump at big banks amid regulatory, economic shifts [BNN Bloomberg (Canada)]

JP Morgan Chase & Co. (JPM) 
Last jp morgan chase & co. earnings: 4/14 06:43 am Check Earnings Report
Company Research Source: BNN Bloomberg
first nine months of the year, while two big banks reported sharp declines, according to a Reuters analysis. The data reveals growing industry divergence on such fees at a time when broader economic and regulatory shifts make it more likely consumers will encounter them. It also highlights that some banks still rely on overdraft fees, despite industry promises to rein them in following political pressure during former Democratic President Joe Biden's administration. Reuters analyzed data on overdraft and “non-sufficient funds” (NSF) charges for the 20 largest U.S. retail banks that report collecting such fees to the Federal Financial Institutions Examination Council, a regulatory panel. The 20 banks represent roughly half of all deposits at insured U.S. banks. Overdraft and NSF fee income for the group ticked up two per cent overall to US$2.99 billion. The charges mostly relate to overdraft fees, since most banks have phased out NSF charges in recent years. CFPB caps rescind Show less Read more
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