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Bank of America to slash overdraft fees amid pressure from consumer advocacy groups

Bank of America to slash overdraft fees amid pressure from consumer advocacy groups

Bank of America to slash overdraft fees amid pressure from consumer advocacy groups
Jan 11, 2022 18 secs

Some 9% of accounts pay close to 80% of banks' overdraft revenue, the CFPB said.

A report released last month by the Consumer Finance Protection Bureau found that overdraft and non-sufficient funds fees remain lucrative for banks, reaching an estimated $15.5 billion in 2019.

The CFPB also said fewer than 9% of consumer accounts pay 10 or more overdrafts per year, accounting for close to 80% of all overdraft revenue.

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