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

By Offices of Consumer Populations and Markets – OCT 11, 2023

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

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

Footnotes

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.
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.
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.
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.
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.