Big banks have drastically cut overdraft fees, but customers still paid $2.2B last year

Yes, that’s a significant figure and a concern for many banking customers. Although large banks have made changes to overdraft policies and reduced overdraft fees, it seems customers have still paid a notable total in fees.

This suggests a few potential explanations:

1. Some banks might not have reduced their fees significantly or at all, leading to high overall totals despite policy changes at other institutions.
2. Overdrafts might be occurring so frequently that even lowered fees add up. This could be due to