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Vast majority of NSF fees have been eliminated, saving consumers nearly $2 billion annually

Some financial institutions are behind the trend, continuing to charge these fees

CFPB recently analyzed the non-sufficient fund (NSF) fee practices of a number of banks and credit unions.1 NSF fees are charges that some financial institutions impose when they decline to make a payment from a consumer’s account, like a check or electronic authorization, after determining the account lacks sufficient funds. NSF fees are distinct from overdraft fees, which financial institutions charge when they pay, rather than decline, a payment when the account lacks sufficient funds. CFPB’s analysis found that—

  • Nearly two-thirds of banks with over $10 billion in assets have eliminated NSF fees.2
  • Nearly three-fourths of the banks that earned the most in overdraft/NSF fee revenue in 2021, including 27 of the top 30 earners, have eliminated NSF fees.
  • Among credit unions with over $10 billion in assets, 16 of 20 continue to charge NSF fees, including four of the five largest.

CFPB used this analysis to estimate the resulting reduction in NSF fee revenue over the past several years. In their call reports, banks over $1 billion in assets are required to report their combined overdraft/NSF fee revenue separately from other deposit account service charges.3 Based on CFPB’s prior work, CFPB estimates that NSF fee revenue alone has typically comprised approximately 19% of combined overdraft/NSF fee revenue.4 Based on CFPB’s analysis and applying this assumption, CFPB estimates—

  • Among banks with over $10 billion in assets, 97% of NSF fee revenue has been eliminated.
  • Among the 75 banks earning the most overdraft/NSF fee revenue in 2021, 95% of NSF fee revenue has been eliminated.
  • CFPB estimates that, as a result of the elimination of NSF fees at these banks, consumers are saving almost $2 billion annually on a going forward basis.5

Generally, larger banks have been more likely to eliminate NSF fees. All banks with over $75 billion in assets and all but seven of the 63 banks with over $25 billion in assets have eliminated NSF fees. Table 1 below shows bank NSF fee practices summarized by asset size. This table is followed by Tables 2, 3, and 4, which show NSF fee practices of the individual 75 banks earning the most in overdraft/NSF fee revenue in 2021, of individual banks with over $10 billion in assets, and of individual credit unions with over $10 billion in assets, respectively. CFPB will continue to monitor NSF fee practices in the market.

Table 1: NSF fee practice of banks with over $10 billion in assets, grouped by asset size

Assets Total number of banks Number of banks no longer charging NSF fees Number of banks continuing to charge NSF fees

Over $200B

14

14

0

$100B-$200B

8

8

0

$75B-$100B

5

5

0

$50B-$75B

10

8

2

$25B-$50B

26

21

5

$20B-$25B

10

2

8

$15B-$20B

20

14

6

$10B-$15B

32

9

23

Total

125

81

44

Table 2: NSF fee practice of the top 75 reporters of overdraft/NSF fee revenue in 2021

# Name Above $10B in assets? 2021 Overdraft/NSF Revenue (000s) Charges NSF fees?

1

WELLS FARGO

Y

$1,414,000

N

2

JPMORGAN CHASE

Y

1,211,000

N

3

BANK OF AMERICA

Y

1,135,000

N

4

TD BANK

Y

476,559

N

5

TRUIST

Y

415,000

N

6

U.S. BANK

Y

338,364

N

7

REGIONS

Y

300,000

N

8

PNC

Y

268,820

N

9

USAA

Y

197,213

N

10

HUNTINGTON

Y

151,638

N

11

CITIZENS

Y

147,522

N

12

WOODFOREST

N

144,572

N

13

KEYBANK

Y

116,323

N

14

FIRST NATIONAL BANK TEXAS/FIRST CONVENIENCE BANK

N

107,527

Y

15

FIFTH THIRD

Y

107,473

N

16

M&T BANK

Y

105,124

N

17

CITIBANK

Y

101,000

N

18

CAPITAL ONE

Y

73,380

N

19

ARVEST BANK

Y

72,678

N

20

BMO HARRIS

Y

63,983

N

21

SANTANDER

Y

49,445

N

22

FIRST-CITIZENS

Y

44,219

N

23

FIRST HORIZON BANK

Y

41,109

N

24

SOUTHSTATE BANK

Y

31,301

N

25

HANCOCK WHITNEY BANK

Y

28,644

N

26

CADENCE BANK

Y

28,268

N

27

FROST BANK

Y

26,723

N

28

FIRST NATIONAL BANK OF PENNSYLVANIA

Y

26,506

Y

29

INTERNATIONAL BANK OF COMMERCE

N

26,077

Y

30

ZIONS

Y

25,203

N

31

ACADEMY BANK

N

23,616

Y

32

COMMERCE BANK

Y

22,272

N

33

GATE CITY BANK

N

21,928

N

34

BOKF

Y

21,510

N

35

BANCFIRST

Y

21,379

Y

36

FIRSTBANK

Y

21,139

Y

37

SIMMONS BANK

Y

21,081

Y

38

GLACIER BANK

Y

20,753

N

39

SYNOVUS BANK

Y

20,701

N

40

THE CENTRAL TRUST BANK

Y

20,093

Y

41

ASSOCIATED BANK

Y

19,575

N

42

PROSPERITY BANK

Y

19,317

Y

43

CITY NATIONAL BANK OF WEST VIRGINIA

N

19,309

Y

44

BANKPLUS

N

19,052

Y

45

BANCO POPULAR DE PUERTO RICO

Y

19,000

N

46

OLD NATIONAL BANK

Y

18,967

N

47

TRUSTMARK

Y

18,050

N

48

MUFG UNION BANK *

Y

17,655

N

49

COMMUNITY BANK

Y

17,632

N

50

UMPQUA BANK

Y

16,168

N

51

FIRST INTERSTATE BANK

Y

15,479

N

52

RENASANT BANK

Y

15,078

N

53

COMERICA BANK

Y

15,000

N

54

WEBSTER BANK

Y

14,770

N

55

FIRST FINANCIAL BANK

Y

14,561

N

56

NORTHWEST BANK

Y

13,927

Y

57

ATLANTIC UNION BANK

Y

13,752

N

58

ARMED FORCES BANK

N

13,467

Y

59

FLAGSTAR BANK

Y

13,052

N

60

FULTON BANK

Y

12,844

N

61

BANK OZK

Y

12,602

Y

62

FIRST UNITED BANK AND TRUST COMPANY

Y

11,785

N

63

AMERIS BANK

Y

11,389

N

64

BANK OF HAWAII

Y

11,212

Y

65

FIRST HAWAIIAN BANK

Y

11,187

Y

66

MIDFIRST BANK

Y

10,568

N

67

UNITED BANK

Y

10,308

N

68

ROCKLAND TRUST COMPANY

Y

10,017

N

69

FIRST COMMUNITY BANK

N

9,742

Y

70

CAPITAL CITY BANK

N

9,159

Y

71

NBT BANK

Y

9,071

Y

72

COMMUNITY TRUST BANK

N

9,042

Y

73

PATHWARD

N

8,813

N

74

AMERICAN SAVINGS BANK

N

8,641

Y

75

EASTERN BANK

Y

8,302

N

*MUFG Union Bank was acquired by U.S. Bank in December 2022, and its deposit accounts transitioned to U.S. Bank in May 2023. According to U.S. Bank’s publicly available information, it has eliminated NSF fees including on accounts transitioned from MUFG Union Bank.

Table 3: NSF fee practice of banks with over $10 billion in assets

# Bank Name Assets as of March 31, 2023 (000s) 2021 Overdraft/NSF Revenue (000s) Charges NSF fees?

1

JPMORGAN CHASE

$3,267,963,000

$1,211,000

N

2

BANK OF AMERICA

2,518,290,000

1,135,000

N

3

CITIBANK

1,721,547,000

101,000

N

4

WELLS FARGO

1,687,507,000

1,414,000

N

5

U.S. BANK

590,460,458

338,364

N

6

TRUIST

564,837,000

415,000

N

7

PNC

556,314,067

268,820

N

8

CAPITAL ONE

469,431,665

73,380

N

9

TD BANK

401,244,710

476,559

N

10

BMO HARRIS

265,445,972

63,983

N

11

CITIZENS

221,955,033

147,522

N

12

FIRST-CITIZENS

214,598,538

44,219

N

13

FIFTH THIRD

207,586,000

107,473

N

14

M&T BANK

202,362,791

105,124

N

15

KEYBANK

195,190,692

116,323

N

16

HUNTINGTON

188,441,474

151,638

N

17

ALLY BANK

186,383,000

3,000

N

18

HSBC BANK USA

164,491,861

3,272

N

19

REGIONS

153,125,000

300,000

N

20

FLAGSTAR BANK

123,633,012

13,052

N

21

USAA

110,977,000

197,213

N

22

SANTANDER

105,313,880

49,445

N

23

MUFG UNION BANK*

99,963,823

17,655

N

24

CITY NATIONAL BANK

96,370,058

1,138

N

25

COMERICA BANK

91,259,000

15,000

N

26

ZIONS

88,573,533

25,203

N

27

FIRST HORIZON BANK

80,465,472

41,109

N

28

WEBSTER BANK

74,793,203

14,770

N

29

WESTERN ALLIANCE BANK

70,985,869

569

Y

30

EAST WEST BANK

67,218,944

867

Y

31

VALLEY NATIONAL BANK

64,314,291

1,086

N

32

SYNOVUS BANK

61,725,582

20,701

N

33

BANCO POPULAR DE PUERTO RICO

55,618,000

19,000

N

34

UMPQUA BANK

53,985,895

16,168

N

35

CIBC BANK USA

52,145,757

-

N

36

CADENCE BANK

51,693,096

28,268

N

37

FROST BANK

51,285,722

26,723

N

38

OLD NATIONAL BANK

47,554,040

18,967

N

39

BOKF

45,269,054

21,510

N

40

PINNACLE BANK

44,987,683

4,532

N

41

SOUTHSTATE BANK

44,902,537

31,301

N

42

FIRST NATIONAL BANK OF PENNSYLVANIA

44,131,723

26,506

Y

43

ASSOCIATED BANK

40,652,795

19,575

N

44

UMB BANK

40,354,002

4,385

N

45

PROSPERITY BANK

37,828,891

19,317

Y

46

HANCOCK WHITNEY BANK

37,524,865

28,644

N

47

MIDFIRST BANK

37,240,719

10,568

N

48

BANKUNITED

37,095,206

340

N

49

TIAA

36,801,333

240

N

50

COMMERCE BANK

31,853,365

22,272

N

51

FIRST INTERSTATE BANK

31,565,171

15,479

N

52

UNITED BANK

30,108,080

10,308

N

53

BANK OZK

28,971,170

12,602

Y

54

FIRSTBANK

28,763,618

21,139

Y

55

TEXAS CAPITAL BANK

28,591,507

53

N

56

FIRST NATIONAL BANK OF OMAHA

28,393,321

6,551

N

57

GLACIER BANK

27,784,636

20,753

N

58

SIMMONS BANK

27,538,237

21,081

Y

59

FULTON BANK

26,996,012

12,844

N

60

ARVEST BANK

26,945,886

72,678

N

61

CITY NATIONAL BANK OF FLORIDA

26,204,489

2,845

N

62

AMERIS BANK

25,991,033

11,389

N

63

UNITED COMMUNITY BANK

25,814,879

7,859

N

64

FIRST HAWAIIAN BANK

24,883,294

11,187

Y

65

BANK OF HAWAII

23,903,516

11,212

Y

66

EASTERN BANK

22,702,386

8,302

Y

67

CENTENNIAL BANK

22,451,769

5,088

Y

68

WASHINGTON FEDERAL BANK

22,319,547

3,343

Y

69

CATHAY BANK

22,015,796

157

Y

70

CUSTOMERS BANK

21,768,466

97

Y

71

PACIFIC PREMIER BANK

21,362,450

674

N

72

BANK OF HOPE

20,563,590

653

Y

73

WILMINGTON SAVINGS FUND SOCIETY

20,218,887

7,052

N

74

ATLANTIC UNION BANK

19,989,774

13,752

N

75

ROCKLAND TRUST COMPANY

19,445,034

10,017

N

76

FIRSTBANK PUERTO RICO

18,969,247

4,474

N

77

AXOS BANK

18,940,273

191

N

78

TRUSTMARK NATIONAL BANK

18,874,809

18,050

N

79

THE CENTRAL TRUST BANK

18,850,388

20,093

Y

80

INDEPENDENT BANK/INDEPENDENT FINANCIAL

18,793,142

2,952

Y

81

FIRST MERCHANTS BANK

18,164,976

3,177

N

82

MECHANICS BANK

17,946,221

6,908

Y

83

RENASANT BANK

17,479,420

15,078

N

84

WESBANCO BANK

17,236,685

3,349

Y

85

APPLE BANK FOR SAVINGS

16,888,361

229

N

86

FIRST FINANCIAL BANK

16,856,740

14,561

N

87

TOWNEBANK

16,730,476

715

N

88

THIRD FEDERAL SAVINGS & LOAN ASSOCIATION OF CLEVELAND

16,249,256

203

Y

89

BREMER BANK

15,763,213

2,362

N

90

BANNER BANK

15,525,483

2,061

N

91

FIRST UNITED BANK AND TRUST COMPANY

15,411,885

11,785

N

92

SEACOAST NATIONAL BANK

15,247,533

2,204

Y

93

COMMUNITY BANK

15,032,060

17,632

N

94

SERVISFIRST BANK

14,565,304

225

N

95

NORTHWEST BANK

14,270,252

13,927

Y

96

SANDY SPRING BANK

14,126,844

1,664

N

97

PLAINSCAPITAL BANK

13,836,907

1,619

Y

98

DIME COMMUNITY BANK

13,826,566

525

Y

99

PROVIDENT BANK

13,773,422

4,246

N

100

FIRST FOUNDATION BANK

13,585,967

300

Y

101

OCEANFIRST BANK

13,447,967

3,207

Y

102

ENTERPRISE BANK & TRUST

13,300,684

1,363

Y

103

SOFI BANK

13,239,321

-

N

104

BELL BANK

13,134,999

2,543

Y

105

FIRSTBANK

13,092,730

5,044

N

106

FIRST FINANCIAL BANK

12,952,033

7,919

Y

107

VERITEX COMMUNITY BANK

12,601,304

270

Y

108

FIRST BANK

12,367,423

6,076

N

109

BERKSHIRE BANK

12,314,668

6,638

Y

110

BUSEY BANK

12,314,348

5,898

Y

111

POPULAR BANK

12,145,033

1,017

N

112

FARMERS AND MERCHANTS BANK OF LONG BEACH

12,021,615

498

Y

113

NBT BANK

11,758,898

9,071

Y

114

DOLLAR BANK

11,446,147

7,416

N

115

FIRST COMMONWEALTH BANK

11,084,845

7,831

Y

116

EAGLEBANK

11,040,406

62

Y

117

LAKELAND BANK

10,836,959

1,695

Y

118

STELLAR BANK

10,595,556

1,601

Y

119

HTLF BANK

10,512,717

2,408

Y

120

WASHINGTON TRUST BANK

10,505,374

1,485

Y

121

BANCFIRST

10,424,300

21,379

Y

122

COLUMBIA BANK

10,313,354

2,151

Y

123

ORIGIN BANK

10,301,973

1,755

Y

124

CAPITOL FEDERAL SAVINGS BANK

10,098,222

2,267

N

125

BANC OF CALIFORNIA

10,033,324

594

Y

*MUFG Union Bank was acquired by U.S. Bank in December 2022, and its deposit accounts transitioned to U.S. Bank in May 2023. According to U.S. Bank’s publicly available information, it has eliminated NSF fees including on accounts transitioned from MUFG Union Bank.

Table 4: NSF fee practice of credit unions with over $10 billion in assets

# Credit Union Name Assets as of March 31, 2023 (in billions) Charges NSF fees?
1 NAVY FEDERAL CREDIT UNION $166.0 Y
2 STATE EMPLOYEES CREDIT UNION (NC) 50.8 Y
3 PENTAGON FEDERAL CREDIT UNION 35.3 Y
4 BOEING EMPLOYEES CREDIT UNION 28.9 N
5 SCOOOLSFIRST CREDIT UNION 28.6 Y
6 GOLDEN 1 CREDIT UNION 19.6 Y
7 ALLIANT CREDIT UNION 19.0 N
8 AMERICA FIRST FEDERAL CREDIT UNION 18.3 N
9 FIRST TECHNOLOGY FEDERAL CREDIT UNION 17.0 Y
10 MOUNTAIN AMERICA FEDERAL CREDIT UNION 17.0 Y
11 SUNCOAST CREDIT UNION 16.9 Y
12 RANDOLPH-BROOKS FEDERAL CREDIT UNION 16.9 Y
13 VYSTAR CREDIT UNION 13.8 Y
14 SECURITY SERVICE FEDERAL CREDIT UNION 13.1 Y
15 LAKE MICHIGAN CREDIT UNION 12.4 Y
16 BETHPAGE FEDERAL CREDIT UNION 12.3 Y
17 GLOBAL CREDIT UNION 11.7 N
18 SAN DIEGO COUNTY CREDIT UNION 11.1 Y
19 GREENSTATE CREDIT UNION 11.1 Y
20 STAR ONE CREDIT UNION 10.3 Y

Endnotes

  1. Between April 25 and August 29, 2023, CFPB reviewed publicly available information describing financial institutions’ NSF fee practices. Where a financial institution had announced planned elimination of NSF fees, this spotlight categorizes that institution as not charging NSF fees. Any unannounced changes or any changes a financial institution may have announced or disclosed subsequent to CFPB’s review of that financial institution’s practice will not be reflected herein. CFPB did not independently verify financial institutions’ practices, and the inclusion of individual institutions named within this issue spotlight does not reflect a CFPB endorsement of a financial institution.

  2. Asset sizes throughout this analysis are according to Call Report data as of March 31, 2023. The analysis in this spotlight of banks with over $10 billion in assets generally excludes banks without mass market checking accounts.

  3. All reported combined overdraft/NSF fee revenue herein is derived from banks’ Consolidated Reports of Condition and Income (Call Reports) submitted to the Federal Financial Institutions Examinations Council. This analysis excludes NSF revenue collected by banks with assets of less than $1 billion and by all credit unions, as those institutions are not required to publicly report their overdraft/NSF fee revenue as a separate line item.

  4. See CFPB Data Point: Checking account overdraft at 10, Table 2 (July 2014), available at https://files.consumerfinance.gov/f/201407_cfpb_report_data-point_overdrafts.pdf . CFPB applies this assumption throughout this analysis.

  5. Total overdraft/NSF fee revenue in 2019 reported by banks with over $1 billion in assets was $11.97 billion. CFPB analyzed the NSF fee practices of banks with over $10 billion in assets as of March 31, 2023, and the 75 banks earning the most in overdraft/NSF fee revenue in 2021 (some of which are under $10 billion in assets). For each of these banks, CFPB generally estimated NSF revenue by applying 18.9% to the reported overdraft/NSF revenue in 2021 (except in the rare case the bank does not have a known overdraft program, in which case all overdraft/NSF revenue for the bank was considered NSF revenue). The estimated NSF revenue of banks that no longer charge NSF fees accounts for 86% of the total estimated NSF revenue in 2021 of all banks over $1 billion in assets. Thus, CFPB estimates that at least 86% of ongoing reported NSF revenue has been eliminated. CFPB then applies that 86% to the overdraft/NSF revenue for banks over $1 billion in assets reported in 2019, a pre-pandemic baseline of overdraft/NSF revenue that CFPB has used in other reports and a comparable market to today. That math is as follows: $11.97B (2019 total overdraft/NSF revenue for banks over $1 billion), multiplied by the 18.9% portion that CFPB estimates is NSF fee revenue, multiplied by 86% eliminated, results in an estimated $1.94 billion in NSF fees eliminated going forward.