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Chime’s Founder Sees End of Overdraft Fees as U.S. Banks Ease Up

  • Startup has covered $7 billion for consumers under ‘SpotMe’
  • Bank of America, Wells Fargo limited fees as pressure builds
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Chime CEO Says Banks Will End Overdraft Fees
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Chime Financial started spotting customers if they went overdrawn in 2018, as U.S. banks clung to revenue from overdraft fees. Now, the startup’s co-founder is predicting an end to the charges altogether, as the likes of Bank of America Corp. and Wells Fargo & Co. ease up on the penalties.

“All of these are steps toward the inevitable, which is that, if not all, most of these fees will go away,” said Chris Britt, who is also chief executive officer of the company that scored a $25 billion valuation last year. “I think they’re just sort of taking baby steps to get there.”