Big banks rack up $6.4 billion in ATM and overdraft fees
by Heather Long
Posted February 22, 2018
If you’ve ever had to pay $3 (or more) to get your own money out of an ATM machine, you aren’t alone.
Nobody likes those fees. Except banks.
America’s three biggest banks — JPMorgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC) — earned more than $6.4 billion last year from ATM and overdraft fees, according to an analysis by CNNMoney that was verified by S&P Global Market Intelligence.
That works out to over $25 in fees annually for every adult American.
Despite public outcry, banks show no sign of scaling back on fees. The big three banks collected nearly $300 million more in ATM and overdraft fees in 2016 than they did in 2015. More…