JPMorgan Chase is among several big banks that is changing how it charges overdraft fees amid pressure from the Consumer Financial Protection Bureau.
JPMorgan ChaseJPM customers got a little more breathing room on overdraft fees, but not as much as some other big banks are allowing.
Starting Tuesday, Chase customers were given one extra day to cover an overdraft before they’re charged an insufficient fund fee of $34. Fourteen of the country’s 20 largest banks have either eliminated some overdraft or non-sufficient fees or made other changes to relieve pressure on consumers, according to a snapshot of the banks’ latest practices published by the CFPB in February. The snapshot showed that Wells Fargo took in $1 billion in overdraft or non-sufficient funds fees in the nine-month period ending in September 2021.
Chase announced in January that it would eliminate its non-sufficient funds fee and increase its overdraft buffer by $5 to $50 to help consumers avoid fees.
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