Overdraft/NSF revenue down nearly 50% versus pre-pandemic levels
May 24, 2023 / Source: CFPB
Q4 2022 data suggest over $5.5 billion reduction on annual basis going forward; fees still totaled $7.7 billion in 2022
Q4 2022 data suggest over $5.5 billion reduction on annual basis going forward; fees still totaled $7.7 billion in 2022
Overdraft/NSF revenue for the fourth quarter of 2022 alone was approximately $1.5 billion lower than in the fourth quarter of 2019 – a decrease of 48% compared to before the pandemic, suggesting an annual reduction of over $5.5 billion going forward. This decrease suggests average annual savings of more than $150 per household that incurs overdraft or NSF fees; many households have saved much more.