During Wednesday’s congressional hearing with Wall Street CEOs, Sen. Elizabeth Warren (D-Mass.) lambasted the heads of banks that collected overdraft fees during the pandemic: “Corporate profits are more important to your bank than offering just a little help to struggling families,” she told them.
Warren pressed JPMorgan Chase CEO Jamie Dimon on the amount of money his bank collected in overdraft fees in 2020—a number she says works out to nearly $1.5 billion. When Dimon refused to say how much the company’s profits would have been if it hadn’t collected the fees, Warren supplied an answer: $27.6 billion.
“You and your colleagues come in today to talk about how you stepped up and took care of customers during the pandemic, and it’s a bunch of baloney,” Warren said. “Will you commit right now to refund the $1.5 billion you took from consumers during the pandemic?”
“No,” Dimon replied.
Watch the video below:
According to @SenWarren, JP Morgan collected almost $1.5 BILLION in overdraft fees in 2020.
"Do you know how much your profits would have been if you'd actually waived overdraft fees?" she asked. "Your profits would have been $27.6 billion. I did the math for you." pic.twitter.com/O6ovgHJ9ps
— Mother Jones (@MotherJones) May 26, 2021