Big banks make billions on overdraft fees

SACRAMENTO – An analysis of new government data by California Public Interest Research Company (CALPIRG) found that big banks made $8.4 billion in overdraft fee income in the first three quarters of 2016, up nearly four percent from the same period in 2015. Since the beginning of 2015, all banks with greater than one billion dollars in assets have been required to report fee data quarterly and are included in the study.

“Banks that relied most heavily on overdraft revenue had more complaints to the Consumer Financial Protection Bureau (CFPB) in the complaint category 'account funds being low,'...