JPMorgan Chase alone collected $1.1 billion in overdraft and insufficient-funds fees in 2025, and Wells Fargo took in $924 million, according to an analysis of bank call reports by the National Consumer Law Center.
Together, the 20 largest consumer banks collected about $4 billion, and the group estimates the industry total for banks and credit unions at $12.4 billion. None of those 20 banks charge insufficient-funds fees, so their figures reflect overdraft revenue only.
The cap that never took effect
The Consumer Financial Protection Bureau finalized a rule in December 2024 that gave large institutions three options: cap overdraft fees at $5, cap them at a level justified by their costs, or treat overdraft as credit with added disclosures.
The rule applied to banks and credit unions with $10 billion or more in assets and was set to take effect in October 2025. The bureau said it would save consumers up to $5 billion annually in overdraft fees.
Congress passed a resolution nullifying the rule, S.J.Res. 18, with the Senate voting in March 2025 and the House in April 2025. It became Public Law 119-10.
The National Consumer Law Center reports that some banks have since raised fees. For example, BMO had cut its overdraft fee from $36 to $15 in 2022 and then raised it to $20 in 2026.
Banks need your permission
Federal rules require a bank to get a customer’s permission before charging overdraft fees on ATM withdrawals and one-time debit card purchases. Declining that coverage generally means the bank turns down those purchases instead of triggering a fee.
Checks and automatic payments can still overdraw an account, so a low-balance alert and a linked savings account as a backup add a second layer.
Fee notices are also worth checking. Keeping the right bank papers makes it easier to spot an unauthorized charge, and some banks will refund a fee if a customer asks. The stakes are higher for households stretched thin, since more families are behind on loan payments than in 2022.
A checking account without account fees
For customers who would rather change accounts than manage settings, SoFi offers a combined checking-and-savings account with no account fees.
With eligible direct deposit or $5,000+ in qualifying deposits every 31 days, you can earn 3.30% APY on savings — many times the national average — plus a boost of 0.90% APY for up to six months. (APYs are variable and can change at any time.)
New members who set up qualifying direct deposit may also be eligible for a cash bonus of up to $400, based on the amount deposited. Terms apply — see details.
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Earn up to 4.20% Annual Percentage Yield (APY) on SoFi Savings with a 0.90% APY Boost (added to the 3.30% APY as of 9/23/26) for up to 6 months. Open your first SoFi Checking and Savings account between 9/3/26 and 12/31/26, then within 60 days of account opening receive an eligible direct deposit OR $5,000 or more in qualifying deposits. You must maintain eligible direct deposit or $5,000 in qualifying deposits every 31 days to keep the Boost, for up to 6 months. Rates variable, subject to change.
Terms apply at sofi.com/banking. SoFi Bank, N.A. Member FDIC.
Whichever route a customer takes, the key number is the one printed in the bank’s fee schedule: what it charges per overdraft, how many it charges per day, and whether it offers a grace period.
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