National overdraft revenue reached $31.5 billion in June, up from $30.8 billion in 2011, the first increase since 2008.
Amanda Lucidon, Deseret News
National overdraft revenue reached $31.5 billion in June, up from $30.8 billion in 2011, the first increase since 2008, according to Moebs Services, an economic research firm.
“Despite regulation and legislation, such as 2008’s Truth in Savings, 2010’s Reg E opt-in requirements, and the 2011 overdraft guidelines issued by the FDIC, consumers’ use of overdrafts shows no indication of going away,” Michael Moebs, economist and CEO of Moebs Services, said in the report.
Until this year, national overdraft revenue has continuously dropped from its height of $36.8 billion in 2008.
While banks charge $30 in overdraft fees for an overdrawn account of $40, credit unions charge $27 and payday lenders only charge $16, according to Moebs Services.
Frequent overdraft customers make up 26 percent of all personal checking accounts, according to the report.
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OR, you can balance your budget and check book, live within your means and not pay returned check or overdraft protection fees... Whoa, what a concept.
To "Tolstoy" why not, if you don't like your bank's fees, as was pointed out, you can always go to a credit union where the fees are lower.
You complain about banks raising fees, but did you know that they are doing the More..
The intriguing point here is that people continue to make use of overdrafts, and pay the price, willingly. Take the option away, and they scream. It has become a way of life that many are comfortable with.