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Cutting overdraft fees could save Americans $17 billion a year—but banks are slow to make changes

Tuesday, May 17, 2022
Megan Leonhardt | Fortune
Peter Smith
“It's great that a lot of large financial institutions are making a move away from fee-based overdraft for their customers,” says Peter Smith, a senior researcher for the left-leaning Center for Responsible Lending who’s focused on overdraft practices. But Smith doesn’t see a few large banks changing their fees as sufficient. Especially given that nearly 18% of consumers with a bank account reported overdrafting in December, according to a survey from Morning Consult.