WASHINGTON, DC — Today, a new report from government watchdog Accountable.US revealed that six of the largest banks still reliant on junk fees—including, U.S. Bank, JP Morgan, and Wells Fargo—raked in $7.2 billion in service charges on deposit accounts, including over $1.2 billion in overdraft fees, in just the first half of 2024. The report comes as JP Morgan and Wells Fargo announce $12.9 billion and $5.11 billion in Q3 2024 earnings, respectively. 

By charging late, overdraft, and other junk fees, the biggest banks are needlessly draining billions of dollars from the pockets of families to maximize profits. If big banks insist on nickel and diming their customers with junk fees no matter how successful they are, they shouldn’t be surprised the Biden-Harris administration regulators have stepped in to help lower costs.”

Accountable.US’ Liz Zelnick

The analysis underscores the potential impact of the Consumer Financial Protection Bureau’s (CFPB) two junk fee rules, which combined would save American families $13.5 billion in junk fees annually. Despite its potential for consumers, the CFPB’s credit card late fee rule is facing opposition from the pro-industry U.S. Chamber of Commerce. The rule was stayed in July—a decision that costs Americans $27 million every day it’s blocked. 

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