The Center for Responsible Lending recently issued this 13 page report (PDF) titled, "Overdraft Explosion" . Bankdraft fees for overdraft protection has increased over 35 % in the past 2 years. At an average fee of $34 per overdraft, and over 50 million Americans overdrawing their checking accounts at least once over a 12-month period, that adds up to over $24 billion in fees for the baking industry.
No wonder banks push this "service" to customers even though a survey says most would prefer a denial of service rather than overdraft protection.
Numbers and charts are included in this report.
Showing posts with label Banking. Show all posts
Showing posts with label Banking. Show all posts
Thursday, October 08, 2009
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