WASHINGTON–During a three-hour Senate hearing featuring the leaders of the nation’s six largest banks the most contentious moments came when Sen. Elizabeth Warren (D-MA) grilled JPMorgan Chase CEO Jamie Dimon over the bank’s overdraft practices during the pandemic.
The country’s biggest banks took in $4 billion overdraft fees from customers last year, Warren said during the hearing. She focused on Dimon specifically, asking how much the nation’s largest, collected in overdraft fees during 2020.
But Dimon challenged the figures cited by Warren.
“I think your numbers are totally inaccurate,” said Dimon, adding JPMorgan waived fees upon request, and also didn’t go into overdraft at the Fed--which had waived its fees for banks--and provided $120 million in Covid relief.
Warren asked her question several times and finally provided a figure for JPMorgan Chase’s income from overdraft fees last year: “It’s $1.463 billion.”
‘I Did the Math For You’
“I did the math for you,” Warren said, calling the bankers’ claims about stepping up during the pandemic “about $4 billion dollars’ worth of baloney.” When Warren challenged the bankers to return the fees, none agreed, and when Dimon was twice asked directly, and he said “no.”
To watch a clip of Warren and Dimon attempting to speak over each other, go here.