Customers of JPMorgan Chase & Co. won’t have to pay overdraft fees for purchases of $5 or less beginning July 22, the bank said.
The bank currently does not charge fees for accounts overdrawn by $5 or less at the end of the business day, the company said.
An overdraft transaction of more than $5 triggers an overdraft charge of $34 by JPMorgan Chase, according to the Consumer Federation of America. A report released earlier this month by the Consumer Federation revealed plans by U.S. Bank and Fifth Third to change this month their fee tier structure for overdrafts.
Fifth Third customers now pay a charge of $37 per overdraft for each overdraw after the first one in a given year. The initial overdraft transaction in a 12-month period has a $25 fee, according to Fifth Third.
U.S. Bank’s new policy is for customers to pay a $15 fee for an overdraft transaction of $15 or less, and $35 on any overdraft over that amount.
JPMorgan Chase is the second largest bank in the Dayton metropolis by deposits of approximately $1.7 billion, according to the Federal Deposit Insurance Corp. Fifth Third is the largest, with deposits in the Dayton metro of $2.4 billion.
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