Chicago-based Alliant Credit Union ends all overdraft fees as banking industry faces backlash for penalizing struggling customers

Last year, overdraft and NSF fees generated $31.3 billion in revenue for financial institutions, down nearly 10% from $34.6 billion in 2019, Moebs said. Once an insignificant part of banking revenue, overdraft fees peaked at $37.1 billion in 2009, before new regulations slowed their growth by requiring opt-in consent from customers, Moebs said.