Banks Should Eliminate Overdraft Fees, Attorneys General Say

Eighteen attorneys general called on the heads of JPMorgan Chase & Co., Bank of America Corp., U.S. Bank and Wells Fargo & Co. to eliminate overdraft fees on consumer accounts.

The letters to the chief executive officers say that more than $11 billion in such fees were charged in 2019, with most hitting “the most vulnerable consumers with the lowest average account balances.” Consumers of color are “disproportionately affected by these fees,” which can result in closed accounts, according to the letters.