New York (CNN Business) Pressure continues to build over dreaded bank overdraft fees. Overdraft fees are quite common and average $35, making them a key source of revenue for many lenders. These fees brought in $12.4 billion in 2020 alone, according to data analytics company FinHealthDevine conceded that the elimination of overdraft fees will "of course" hurt Alliant's revenue. JPMorgan Chase JPM Democratic Senator Elizabeth Warren clashed withCEO Jamie Dimon in May on overdraft fees, criticizing the executive as the "star of the overdraft show." "Overdraft fees have been damaging to consumers for a long time," said Alex Horowitz, principal research officer at Pew's consumer finance project.

Source: CNN August 02, 2021 15:56 UTC