2019 Overdraft Fee Report: Top 20 Overdraft Fee Banks

by
Adam Rust

Banks that Earned the Most from Overdraft Fees in 2019

1) JPMorgan Chase: $2.06 billion

2) Wells Fargo: $1.7 billion

3) Bank of America: $1.56 billion

4) TD Bank: $565.2 million

5) USBank: $476.4 million

6) PNC Bank: $411.9 million

7) Regions Bank: 373.0 million

8) Truist (BB&T and SunTrust): $322 million

9) USAA Federal Savings Bank: 215.3 million

10) Citizen's Bank: $214.3 million

11) Woodforest National Bank (the bank inside Wal-Marts): $155.4 million

12) Capital One: $154.3 million

13) KeyBank: $148.6 million

14) Huntington National Bank: $146.2 million

15) BBVA: $127.8 million

16) Fifth Third Bank: $126.6million

17) M&T Bank: $126.1 million

18) First Convenience Bank: $112.7 million

19) Citibank: $109.0 million

20) TCF: $99.2 million

I sourced this information from publicly-available data from the Federal Financial Institutions Examination Council (the "FFIEC").

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Analysis of Overdraft Fee Data

- 633 financial institutions collected a net total of $11.682 billion in overdraft fees in 2019.

- Together, three banks (JPMorgan Chase, Bank of America, and Wells Fargo) collected approximately $5.32 billion in overdraft fees just by themselves, a sum that constituted 45.5 percent of all overdraft fees.

- The Office of the Comptroller of the Currency (regulator of all banks with "NA" or "National Association" in their name) regulates sixteen of the top twenty institutions overdraft fee generators.

- Although it has one of the most substantial balance sheets in the United States, Citibank finished 19th in overall OD collection.

- Woodforest National Bank, the bank with offices in Wal-Marts, pulls well above its size. Woodforest received $155.4 million in overdraft fees, even though it only held $817.8 million in consumer deposits. To put that into context, consider that at JPMorgan Chase, the ratio was 0.68/100.

- The share of revenues derived by overdraft in individual checking accounts varies significantly from bank (or credit union) to bank. For example, overdraft fees constituted 89.2 percent and 74.1 percent of all transaction account revenues at USAA Federal Savings Bank and First Convenience Bank, respectively, but only 22 and 11 percent at Fifth Third and Citibank, respectively.

See other overdraft blog posts:

Consumers Tell the CFPB About their Nightmare Overdraft Experiences

Reflections on Senate Bill 1595, the Stop Overdraft Profiteering Act of 2019

Report Says People Who Use Online Payday Loans Also Pay More in Overdraft Fees

A summary of the amount of overdraft fees collected by banks in 2019. I have listed the top 20 institutions. In total, consumers paid $11.68 billion in overdraft fees in 2019.
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