Since President Biden took office in January, several U.S. banks have announced major business changes that will reduce the amount of revenue they generate from overdraft fees.

Other banks have indicated that they are reconsidering the fees, which have long been a key pillar of fee income despite persistent criticism from consumer advocates.

The recent changes, which are being led by regional banks, range from eliminating overdraft fees altogether to introducing new products that will offer less expensive options to customers who live paycheck to paycheck.

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