Sen. Elizabeth Warren showed again today that challenging her on the numbers is a fool’s errand, because she always brings the receipts.
At a Senate Banking Committee today with the heads of the major U.S. banks – including JPMorgan Chase, Citibank, Bank of America and Wells Fargo — the Massachusetts senator pointed out these giant institutions received automatic and free protection against overdraft fees by government lenders. Yet, despite recommendations from bank regulators that they pass on the same protection to its customers, the major banks refused to waive overdraft fees for customers during one of the most unsettling economic years in American history. Despite getting bailed out by the government, the major banks went on to collect what Warren says was $4 billion in overdraft fees last year.
Warren then zeroed in on JPMorgan Chase boss Jamie Dimon.
She asked how much Chase collected in overdraft fees during the pandemic, and Dimon tried to dodge and duck the question. But Warren already had the answer. Chase collected $1.643 billion in overdraft fees during the past year.
She then asked Dimon to commit to refunding the nearly $1.5 billion in overdraft fees Chase collected back to its customers. Watch the full exchange above as Senator Warren once again demonstrates her ability at exposing the naked greed of the banking industry.
Jamie Dimon is the star of the Overdraft Show. JP Morgan collects more than 7 times as much money in overdraft fees per account than their competitors. He tried to weasel his way out and said my numbers are inaccurate. Here’s the proof that he’s wrong https://t.co/y4w4MM6Jbj
— Elizabeth Warren (@SenWarren) May 26, 2021
The verbal flogging proved entertaining for several people who watched the exchange.
I would watch Elizabeth Warren pummel Jamie Dimon all day. pic.twitter.com/S1XPzMriZf
— Sawyer Hackett (@SawyerHackett) May 26, 2021
When you wake up and see Elizabeth Warren cooking Wall Street CEO Jamie Dimon.
Of course she trained Katie Porter on how to stir fry corrupt ass. 🔥
— Jason Overstreet (@JasonOverstreet) May 26, 2021
Overdraft fees are a major profit center for banks. Americans pay $17 billion in overdraft fees every year. No bank earns more per account from those fees than Chase.