While many stakeholders would agree banks need to revamp the fee-based model, it remains to be seen whether change will come through legislation or the market.
By Anna Hrushka
While some Republicans focused their questioning around voting rights and “woke-ism,” several Democrats took aim at the overdraft fee — a charge financial institutions levy on their customers when they overdraw their accounts.
Sen. Elizabeth Warren, D-MA, wasted no time calling out Jamie Dimon, the CEO of the nation’s largest bank, JPMorgan Chase, as “the star of the overdraft show” for the $1.5 billion in overdraft fees the bank collected during the COVID-19 crisis.
A testy exchange followed, where Dimon called Warren’s numbers “totally inaccurate.” But the stage was already set. The senator dismissed — as “a bunch of baloney” — the bank’s claims that it stepped up efforts to help customers amid the pandemic. Warren, rather, pointed to the $27.6 billion in profits JPMorgan made during a period that saw record unemployment.
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