NEW YORK–The nation’s three largest banks collected $6.4 billion in ATM and overdraft fees during 2016, according to an analysis conducted by CNN.
That total is from all consumers, not just the respective customers of the three banks—JPMorgan Chase, Bank of America, and Wells Fargo. It’s an amount that is equal to more than $25 in fees for every American adult.
The CNN report cited Bankrate data showing the average ATM withdrawal fee is more than $4.
Meanwhile, those same three big banks made more than $5.1 billion last year from overdraft fees alone.