Overdraft fees can be a significant source of profit. Financial institutions differ in the tactics used to increase or decrease the fees paid by struggling families and the amount of fees they collect. Among the 10 largest banks, JPMorgan Chase and Wells Fargo stand out, with $1 billion in overdraft fees in 2024, nearly four…
Read More about Top Overdraft Fee Offenders Hitting Civilian, Military Families
The CFPB's new overdraft fee rule closes a paper-check-era loophole that promotes abusive practices and allows the biggest banks to earn billions in profits from the most vulnerable families.
Read More about Overdraft Rule Returns $5 Billion in Big Bank Junk Fees to Consumers’ Pockets
Earned wage advances (EWA) are a form of payday loan. Fees appear small but can pile up in hidden ways and drain low wages. “Tip”-based fintech payday loans with no connection to wages can be even more expensive, 498% APR or higher, and can trigger overdraft and nonsufficient fund fees. Neither employer-based EWAs nor other…
Urgent action is needed to stop the use of rent-a-bank arrangements and new types of bank charters to eviscerate state interest rate limits that stop predatory lending.
Read More about 2021 Banking Agency Predatory Lending and Safe Banking Priorities
