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.
- 7 ways to help your loved one when they've...
- UTA extending service to BYU-USU football game
- Balancing act: Different kinds of guilt...
- 2 Utah companies respond to FDA warning over...
- Is preschool worth the money?
- Consumer confidence continues to climb in Utah
- Microsoft skips Windows 9 to emphasize advances
- Commission to highlight women in Utah economy
- Marijuana could deliver more than $800... 13
- 4 things you don't want your boss to know 6
- Is preschool worth the money? 6
- Colorado high court considers pot... 4
- Microsoft skips Windows 9 to emphasize... 4
- How to be a billionaire 4
- Commission to highlight women in Utah... 4
- About Utah: Baltic Avenue just bought... 3