JPMorgan Chase adds options to avoid overdraft fees
JPMorgan Chase, Wells Fargo and BofA accounted for 44% of overdraft fees
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JPMorgan Chase is promising banking customers they'll have more options to avoid overdraft fees.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 248.55 | +3.79 | +1.55% |
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Starting in 2022, the bank rolls out these additional options for Chase account holders:
- A Catch-Up Day: Customers will have until the end of the next business day to bring their balance back to $50 overdrawn or less to avoid overdraft service fees from the previous day.
- Early Direct Deposit: Customers will be able to use their direct-deposited payroll up to two business days early
Source: JPMorgan Chase
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The bank explained these options are part of what it already offers, including expanding the overdraft cushion to $50 and cutting fees for returned checks. The options have helped 2 million customers avoid fees, according to the bank.
CAPITAL ONE CUTS OVERDRAFT FEES
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COF | CAPITAL ONE FINANCIAL CORP. | 187.06 | +4.42 | +2.42% |
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Earlier this month, Capital One eliminated all its overdraft fees.
"The bank account is a cornerstone of a person's financial life," Richard Fairbank, Capital One's founder and CEO, said after the announcement. "It is how people receive their paycheck, pay their bills and manage their finances. Overdraft protection is a valuable and convenient feature and can be an important safety net for families. We are excited to offer this service for free."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WFC | WELLS FARGO & CO. | 75.96 | +1.13 | +1.51% |
| BAC | BANK OF AMERICA CORP. | 46.99 | +0.55 | +1.17% |
The Consumer Financial Protection Bureau reported data on overdraft fees, noting revenue from the practice reached an estimated $15.5 billion in 2019. JPMorgan Chase, Wells Fargo and Bank of America accounted for 44% of the total.