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.
- BYU grad strikes gold teaching via online...
- The wrath of Comic-Con: S.L. convention...
- Healing souls, healing a mountain
- Dave Ramsey says: Don't leave an estate with...
- San Diego Comic-Con tells Salt Lake...
- Utah Transit Authority eyeing electric bus...
- Sarah Palin launches online subscription channel
- Does getting married really increase wealth...
- Fast food workers vow civil disobedience 14
- San Diego Comic-Con tells Salt Lake... 12
- BYU grad strikes gold teaching via... 12
- Dave Ramsey says: Don't leave an estate... 10
- Does getting married really increase... 8
- Sarah Palin launches online... 7
- 3 ways you can save money on movie... 3
- Disney moves toward $10 hourly starting... 2