Could banks have done better during the pandemic?

Banks – Could banks have done better during the pandemic?

In 2020, account-holders at the four largest banks in America paid a combined $4 billion in overdraft fees, largely from people making under $50,000 (and living in an economic crisis due to the pandemic).

Wait – what?

According to Forbes, the largest overdraft collection activity came from Jamie Dimon, an American billionaire businessman, chairman and chief executive officer of JPMorgan Chase (the largest of the big four American banks) – JPMorgan Chase alone collected $1.4 billion in over draft fees.

Wait, that doesn’t sound right – do we really expect banks for operate for free – well, in fact… JPMorgan Chase still would have “profited” $27.6 billion if it declined to collect the overdraft fines.

Big U.S. banks got bigger during the pandemic, and they dominate the top of the world’s largest public companies list – so, how did your business, job and family fair during the pandemic? Did you feel an economic boom (like banks did)?

Forbes continues… “Half of the 10 largest companies on the Forbes Global 2000 list, and eight of the top 20 companies, are banks based in the United States or China.” So, banking activity in the U.S. is strong while most struggled to rebound from the pandemic.

Sounds legit…. (he mocks)

Could banks have done better during the pandemic?

100%!