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I am the Director of Ancillary Revenue at a bank you have an account with, and I designed the $35 you once paid for a $3 coffee. I want to be precise about what I sell, because the word fee does a great deal of quiet work for me and I would like you to hear it working. I do not sell overdraft protection. I sell the overdraft. The fee is the product. Everything else in this building is a delivery mechanism for the fee. People think the $35 is a punishment for running out of money. A punishment would mean you did a thing and we responded to it. What happens instead is that I decide, in advance, the order your transactions clear. Your paycheck is real. Your rent is real. The coffee is real. But I choose which one the computer sees first, and I choose the order that produces the most declines, because each decline is $35, and I am paid on the declines. So I run your rent before your paycheck. I run the largest charge first, so it empties the account before the small ones land, and then the small ones fail one at a time, $35 each, five of them off a single Tuesday. You did not overdraw five times. You overdrew once, and I sold it to you five times. The software does exactly that. I wrote the ticket that made it do it. We call it authorize positive, settle negative. You had the money when you tapped the card. You did not have the money when we decided to look. The gap between those two moments is where I live. It is the most profitable real estate in American banking and it is nine hours wide. When you call to dispute the fee, you reach a person who is not permitted to remove more than one charge a year, and only if you say the word hardship, which nobody tells you, because the script I wrote for her does not contain the word. She is reading my document. Cruelty would require her to have a choice. I built the appeal to feel like a door and function like a mirror. One of us gets caught most summers. This year it was Regions, ordered to refund at least $141 million for the authorize-positive machine I just walked you through. Cash App went for $45 million, spread across 46 state settlements. The bureau clawed back $140 million, banks and auto lenders and the apps that move your money, all in one line. I keep every one of those figures in my model, under a heading called Regulatory, and every one of them is smaller than the quarter it came out of. You are reading those numbers as justice. From my chair they are a cost of goods sold, and I would like to show you the math. $141 million sounds like a wall. It is a rounding error with a press release stapled to it. The fee earned more than that before the investigation opened, more than that while it was open, and it will earn more than that again next year, because the order does not ban the fee. It refunds one slice of one vintage of it. I keep a line in my model called Regulatory. It sits directly beneath the line called Marketing, because the two do the same job. Marketing buys goodwill at the front. Regulatory buys forgiveness at the back. I fund both, and I have never once missed my number. The piece I am most proud of is the refund check itself. You will get one. It will be for $12. It will arrive 3 years after the Tuesday, in an envelope that looks like junk mail, and for one moment you will feel that the system worked. That feeling is also the product. I did not fight the settlement. I helped write it. The $12 is the receipt I hand you so you keep the account open, so I can sell you the same $35 in the fall. There was a woman I know only as a row in a file. She paid $175 in a single week, five declines and a sustained-negative fee, on an account that was short by $4. She was short by $4 because we had already taken $35. The fee created the shortfall that created the fee. I did not have to reach for that one. It reached for itself. I put it in the quarterly deck under a heading that said product-market fit. My own account does not overdraft. Not from caution. I am an employee, and employees sit on the no-fee tier, and I wrote the no-fee tier. I know precisely what one $35 does to the far end of a month, which is the reason I made certain it could never happen to mine. So watch for the envelope. The $12 is coming. Cash it. It clears the settlement, it closes the file, and it tells my model that you are still here. The fee is the product. The fine is the cost of the fee. The refund is the receipt. I checked this morning, and the account is still open. Checking is the whole of my job.

Conviction 2026 welcomes back Johan Nyvene – Chairman, HSC Securities. Beside leading a top-tier investment bank and securities brokerage in Vietnam - HSC Securities, Johan is also a board member of other listed companies and serves as an advisor to several startups and fintech companies. Johan has spoken at many events both inside and outside of Vietnam, with topics ranging from traditional finance and Vietnam's securities markets to Fintech and DeFi. Following his participation in Conviction 2025 panel "HCMC - The Financial Hub of Tomorrow" which explored how Ho Chi Minh City can evolve into an international financial centre with digital assets and fintech as key growth drivers, he returns to Conviction 2026 with valuable insights into the latest progress in Vietnam's digital asset market. Join Conviction 2026 and stay tuned for insights from HSC's Chairman! --- 👉 Grab your Early Bird tickets now to unlock exclusive insights from top-tier speakers at Conviction 2026: 👉 Register now for Conviction 2026 & Claim your exclusive Ivy NFT: The Largest National Digital Asset & AI Event in Vietnam 📍 Location: Ho Chi Minh City, Vietnam 📅 Date: August 14–15, 2026 🌐 Website:

Jimothy is taking over @TMobilePark next Wednesday! The first 20,000 fans will take home a Jimothy Rookie Card, including several chase cards. You can also score a Jimothy T-shirt through our special ticket offer, with a portion benefitting Ballard Food Bank! 🎟️