Check this first
Same as bank 1 – rule out the rear oxygen sensor and exhaust leaks before replacing anything.
What usually fixes it
In the order a good shop checks them. Typical total: $103–$2,206 at $130 an hour.
Downstream oxygen sensor
$128–$350The rear sensor is the cheaper and commoner cause.
Exhaust leak
$176–$494Air getting in near the sensor mimics a dead converter.
Catalytic converter
$510–$2,206Genuinely worn out, usually after a misfire went unfixed.
Code titles are the generic SAE definitions. Prices are typical US parts and labor for a common car or light truck – a guide for judging a quote, not a quote. Always confirm a repair against the vehicle in front of you.