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Yes, you’re correct. Even though many big banks have cut or eliminated their overdraft fees, customers on average still ended up paying a substantial amount in 2020, which came up to around $2.2 billion.
Overdraft fees are often criticized for being a regressive charge, disproportionately affecting those with lower incomes who may occasionally have insufficient funds in their accounts. There’s been increasing pressure on big banks to reduce or get rid of these fees, and some have started to take action.