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Citigroup to Exit Mexico Consumer Banking Business

“Citigroup Inc. will exit its Mexico consumer banking business, the latest strategic shift by Chief Executive Jane Fraser. The bank said Tuesday it would exit consumer, small-business and middle-market banking in Mexico, a business best known as Banamex. Citigroup said the change was part of its continuing “strategic refresh.””
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Bank of America Slashes Fees for Account Overdrafts | AP News

“Bank of America is slashing the amount it charges customers when they spend more than they have in their accounts and plans to eliminate entirely its fees for bounced checks. It’s the latest move by the nation’s biggest banks to roll back the overdraft fees they long charged customers, fees that often amount to hundreds […]
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US banks move away from overdraft fees in a win for consumers

“As US shoppers count the cost of their last-minute holiday purchases, there is one thing they have to worry about a little less in 2022: overdraft fees. Consumer advocates said last year saw the most significant rollbacks and adjustments to how banks charge customers when their debit accounts fall below zero. Those fees “may be […]
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Overdraft Fees Jump 40% YOY but Still Headed Lower From 2019 Levels

“Overdraft fees are rebounding, but remain well below 2019 levels as competitive and political pressures have many banks offering low-fee accounts. Banks booked $1.97 billion of overdraft fees in the second quarter, a 39.5% increase from the year-ago period. But fees are still 32.8% below the amount recorded in the 2019 second quarter. Overdraft fees […]
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US banks ramp up spending on pay and technology

“Costs at the top US banks jumped more than $6.6bn in the most recent quarter, as the intensifying battle for talent and the growing threat from new fintech rivals forced executives to step up spending.  The 10 per cent increase in costs compared with last year at JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of […]
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These 10 Banks Are Rethinking Overdraft Fees. Here’s Why and How.

“The recent changes, which are being led by regional banks, range from eliminating overdraft fees altogether to introducing new products that will offer less expensive options to customers who live paycheck to paycheck. These moves could be bellwethers for an industry that is under pressure to change . They are coming as overdraft-free startups continue […]
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On The Wires

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Chase Helps More Than Two Million Customers Avoid Overdraft Service Fees

“Increasing the cushion to $50 from $5 has helped many Chase customers who didn’t expect a check or electronic payment to post, or just don’t have enough money in their checking account. Customers value access to overdraft services so that they can avoid late fees when making payments on important bills like utilities and rent, […]