Big US banks charged a total of $11.7 billion in overdraft fees in 2019

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Big banks in the US (defined in this case as those with more than $1 billion in assets) charged customers a total of $11.68 billion in overdraft fees last year, according to data from the Center for Responsible Lending cited by The New York Times.

average overdraft fee at major banksBusiness Insider Intelligence

Vulnerable customers were hit the hardest: Just 9% of account holders paid for a whopping 84% of those overdraft fees, and those customers tended to have low balances already, averaging less than $350. The Center for Responsible Lending opined that banks should stop overdraft fees for the duration of the pandemic.See the rest of the story at Business Insider

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