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FinCap Friday: Competition Drives Change Flashcards | StudBud

Explore/FinCap Friday: Competition Drives Change

FinCap Friday: Competition Drives Change

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Questions 5

Answers

1
What is the main criticism of overdraft fees?
There is generally no criticism of these fees
Customers don’t have a choice with these fees
The fees burden mostly low-income Americans
They are worse than credit card fees
2
In late 2021/early 2022 Capital One, Bank of America and Wells Fargo all announced:
a merger between the three banks
a massive wave of firing workers to cut costs
they would all accept cryptocurrency deposits
major changes to their overdraft services
3
In 2008, banks made $40 billion in profits from overdraft fees. How much did they make in 2019?
$30 billion
$9 billion
$21 billion
$17 billion
4
What did challenger banks Varo, Chime and Ally do to disrupt traditional banking?
Offer checking accounts with no overdraft fees
Lock a part of all deposits to help people save
Lower overdraft fees and management fees
Stop lending money to customers
5
What is the average fee for overdrafting?
$5
$15
$33
$55