These banks made the most money on overdraft fees in 2024

Banks continued to reap billions in overdraft fees last year despite the efforts of the Consumer Financial Protection Bureau (CFPB) to get control of the fees. Its efforts are now in danger of being overturned by Republicans in Congress. 

The 10 biggest banks and the largest credit union, Navy Federal, took in nearly $3.5 billion in revenue from overdraft fees in 2024, according to a report from the National Consumer Law Center (NCLC), which analyzed data from the Federal Financial Institutions Examination Council (FFEIC) and National Credit Union Administration (NCUA).

"Overdraft fees can be a significant source of profit," the NCLC said.

Chase made the most money from overdraft fees, with more than $1.02 billion, followed by Wells Fargo ($1 billion), Navy Federal Credit Union ($335 million), Truist ($266 million) and PNC ($260 billion).

Overdraft fees per account were $27.96 at Navy Federal, followed by Wells Fargo ($16.03) and Chase ($8.98).

"Navy Federal’s overdraft fees are especially glaring, showing the disproportionate impact that large fees have on Navy Federal’s military and civilian families," NCLC said. "Navy Federal extracted nearly twice as much in overdraft fees per account as Wells Fargo and more than three times as much as Chase."

The findings come after the Trump administration has moved to shutter the Consumer Financial Protection Bureau (CFPB) and Congressional Republicans have voted to overturn the financial regulator's rule on overdraft fees announced in December.

The CFPB's rule, set to take effect in October, would cut overdraft fees at big financial institutions to $5 or the bank's costs, whichever is greater.

Banks voluntarily started charging fewer overdraft fees after the Consumer Financial Protection Bureau began cracking down, but it remains to be seen if they will change their approach with the regulator's future jeopadized.

Revenue at banks from overdraft fees and non-sufficient funds fees declined to around $5.8 billion in 2023 from more than $12 billion in 2019, according to the CFPB.