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via seekingalpha.comMarkets

Banks see record Q3 overdraft fees, pointing to weaker consumer health

FROM THE WIRE · SEEKINGALPHA.COM

[Bank building] ultramarine5/iStock via Getty Images Banks collected $1.6B in overdraft fees during the third quarter, up 9.4% from the previous quarter and the highest quarterly amount in four years, according to Reuters calculations…

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MARKET IMPACTNEUTRAL✦ News Impact agent estimateTone: expected bearishOverdraft fees at a four-year high may signal weaker consumer health, weighing on the banking sector.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
  1. 01Banks collected $1.6 billion in overdraft fees in Q3, up 9.4% from the previous quarter.
  2. 02It is the highest quarterly amount in four years.
  3. 03JPMorgan and Wells Fargo together charged $590 million in Q3.
NEWS IMPACT AND MARKET REACTIONChange from the reference price
JPMorgan Chase & Co.JPMStock344.22 USD-0.06%today +0.41%Negative Bank of America CorporationBACStock50.66 USD-0.06%today +0.29%Negative Wells Fargo & CompanyWFCStock85.55 USD-0.13%today -0.25%Negative Citigroup Inc.CStock123.60 USD+0.02%today -0.37%Negative State Street SPDR S&P Bank ETFKBEETF66.31 USD-0.03%today +0.14%Negative
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets

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