Elizabeth Warren pushes chiefs of three major banks to kill overdraft fees
In a letter to Booker and four other senators in March, JPMorgan touted those changes while saying overdrafts were a matter of customer choice.
“At Chase, we know our customers want options,” the New York-based bank said in its letter. “We offer accounts that allow them to ‘go overdrawn’ to complete a requested payment, as well as accounts that do not offer overdraft services and, therefore, do not incur overdraft fee.” JPMorgan and Bank of America declined to comment on the lawmakers’ letter, and Wells Fargo had no immediate comment.Overdraft protection can be an expensive convenience
The Consumer Financial Protection Bureau found in December that 9% of consumers pay 10 or more overdraft fees a year, accounting for about 80% of that revenue for banks. The three banks Warren wrote to — JPMorgan, Bank of America and Wells Fargo — made a combined $3.
“In recent months, as several major financial institutions moved to eliminate or reduce overdraft fees, there has been a ‘race-to-the-top’ in establishing more pro-consumer fee policies,” she wrote. “But not all banks fully participated.”
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