Bank of America charged the second-largest amount of overdraft fees in the first three months of this year among the nation’s largest banks, new disclosures required by regulators show.
The Charlotte-based bank, the second-largest U.S. lender by assets, charged consumers $371 million in overdraft fees. Regulators began requiring banks with more than $1 billion in assets to start breaking out the figures this year.
New York-based JPMorgan Chase & Co., the largest U.S. bank by assets, charged the most in overdraft fees, $415 million, according to an analysis of the data by SNL Financial.
San Francisco-based Wells Fargo, the fourth-largest U.S. bank, ranked third with $355 million in fees.
The disclosures come as regulators continue to keep a close watch on overdraft fees five years after federal rules took effect banning lenders from charging the fees without getting customers’ approval.