As interest rates climbed, major banks charged borrowers more for mortgages and auto loans, yet never increased payouts to savers, despite telling lawmakers they would do so, say two U.S. senators in letters to seven CEOs, shared exclusively with CBS News.
In March 2022, the Federal Reserve started raising the federal funds rate, with banks following suit by hiking rates for mortgages, auto loans and credit cards. But those increases were not matched with high interest rate payouts on savings accounts at banks including Bank of America, Citibank, JPMorgan Chase, PNC Bank, Truist, U.S. Bank and Wells Fargo, according to the lawmakers.
Big banks hiked interest rates on borrowers but not for savers, senators say
