SAN FRANCISCO, April 18, 2016 /PRNewswire/ -- Banks.org, a website that helps consumers to compare savings and money market accounts that are offered by other banks, has just posted a new blog to the site that discusses how America's largest banks made over $11 billion from overdraft and NSF fees in 2015.
As the new blog on Banks.org noted, these banks—which include JPMorgan Chase, Bank of America and Citigroup—are required to file quarterly financial statements with government regulators. The reports are then made available to the public through the Federal Financial Institution's Examination Council.
"For the first time, the Consumer Protection Financial Bureau has made it easy to understand by providing a detailed analysis of 2015 data," the blog said.
Prior to 2015, banks could hide the information about their overdraft and NSF fees in a broader statement of fees called "service charges on deposit account" revenue. Since this figure combined monies that were both consumer and commercial, what was happening to individual consumers was hidden within the larger commercial figures.
In 2013, the FFIEC required banks to provide more detailed information regarding consumer deposits, the blog noted, and by 2015, fees could no longer be totaled together, and the overdraft and NSF fees had to be separated out from other fees or charges.
"Six hundred and twenty-eight reporting banks reported $11.16 billion of these fees last year," the blog said.
"Half of the banks received 5.3 percent or more of their net income from consumer overdraft and NSF fees. Ten percent of the banks received almost 20 percent of their income from overdraft and NSF fees."
Until the CPFB decides what to do about this situation, the blog noted that a consumer's best protection is being educated and knowing how to work within a bank's rules, regulations, and fees.
Banks.org provides consumers with tools to better navigate the maze of modern-day personal finance. Consumers unhappy with their current bank's fees can visit Banks.org to compare savings and money market accounts offered by other banks. For more information, please visit http://www.banks.org/
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