This number decreased partially from the previous year as banks offered to waive overdraft fees and concede other fees due to the coronavirus pandemic. He said the continued prevalence of high overdraft fees reflects the lack of competitiveness of banking services. Share your thoughts Do banks need to lower overdraft fees for consumer checking accounts? Overdraft fees and other related costs accounted for 1.4% of median bank revenue in the third quarter, according to Jeffreys’ report. Apart from this, according to the Pew Charitable Trust, people who frequently bear overdraft fees tend to have low incomes.

Source: Wall Street Journal December 11, 2021 22:48 UTC