[JPMorgan Chase](), [Wells Fargo]() and [Bank of America]() reported a combined $2.2 billion in overdraft fees in 2023, roughly $700 million less than the previous year, according to regulatory [filings](https://cdr.ffiec.gov/public/ManageFacsimiles.aspx).
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The three biggest American retail banks collected 25% less overdraft revenue last year as the companies, [under pressure](https://www.cnbc.com/2024/01/17/biden-administration-unveils-proposed-changes-to-big-banks-overdraft-fees.html) from regulators to cap the fees, created new ways for customers to avoid the penalties.
[JPMorgan Chase](), [Wells Fargo]() and [Bank of America]() reported a combined $2.2 billion in overdraft fees in 2023, roughly $700 million less than the previous year, according to regulatory [filings](https://cdr.ffiec.gov/public/ManageFacsimiles.aspx).
Overdraft [fees](https://www.consumerfinance.gov/data-research/research-reports/data-point-overdraft-nsf-fee-reliance-since-2015-evidence-from-bank-call-reports/) are triggered when a customer attempts to spend more than the balance in their checking accounts. At around $35 per transaction at many banks, the fees have been a lucrative line item for the industry, generating $280 billion in revenue since 2000, according to the Consumer Financial Protection Bureau.
The industry is [girding](https://www.consumerbankers.com/cba-media-center/media-releases/numbers-how-consumers-may-be-harmed-cfpb-regulatory-action-limiting) itself for a battle over overdraft after the CFPB last month [unveiled](https://www.cnbc.com/2024/01/19/biden-administration-plans-to-slash-overdraft-fees-at-big-banks.html) a proposal to limit charges to as little as $3 per transaction. Banks say overdraft services are a [lifeline](https://overdraftfacts.com/) that helps users avoid worse options like payday loans, while critics including President Biden say the fees exploit struggling Americans.
More: [https://www.cnbc.com/2024/02/09/jpmorgan-chase-wells-fargo-cut-overdraft-revenue-to-2-billion-in-2023.html](https://www.cnbc.com/2024/02/09/jpmorgan-chase-wells-fargo-cut-overdraft-revenue-to-2-billion-in-2023.html)