Bank customers fork over $15 billion in fees

Personal Finance


Most Americans would rather not shell out extra cash to their bank in overdraft fees. Sadly, many still do.

Altogether, Americans paid $15 billion in fees for bounced checks and other overdrafts last year, the Consumer Financial Protection Bureau has said.

Almost half of Americans who’ve had a checking account have been charged an overdraft fee at some point. In fact, the average consumer overdrafts more than twice a year and coughs up $35 in fees each time, according to a study released Tuesday by personal finance website NerdWallet.

Those who overdraw frequently waste much more, to the tune of $442 a year, according to NerdWallet’s analysis of CFPB data. (For some banks, overdraft revenues are a significant part of their income, despite the Federal Reserve’s 2010 regulations that sought to bar them from assessing these fees unless customers have opted into an overdraft protection program.)



Source link

Products You May Like

Articles You May Like

Kevin O’Leary is bullish on NFTs for the long-term
U.S. cities where rents are going down: Apartment Guide report
Virgin Galactic SPCE earnings Q1 2021 results
Tour Faith Hill and Tim McGraw’s $35 million private island
Norwegian Cruise CEO says U.S. ships are unlikely to sail this summer

Leave a Reply

Your email address will not be published. Required fields are marked *