Overdraft Fees Up 35% in Two Years, Study Finds

Tuesday, October 06, 2009 , , 0 Comments



You dirty little pricks. We saw what you did there and no, we didn't find it to be entertainment.

Glad to see our bailout money was totally worth the investment.

WaPo:

The revenue that banks and credit unions generate by letting customers overspend their accounts, then charging them a fee, increased 35 percent in two years, the Center for Responsible Lending reports in a study released Tuesday.

Culling figures gathered by the Federal Deposit Insurance Corp., the consumer advocacy group found that customers paid $23.7 billion in overdraft fees in 2008, up $6.2 billion from two years before.

In the past 12 months, an estimated 51 million Americans spent more than they had in their checking accounts, triggering either an overdraft or a non-sufficient-funds fee, the study found.

Listen, the solution here is simple and it's a two parter:

ditch the God damn banks and live within your means. Certainly this isn't shocking to anyone, is it? Banks have a business model to respect and when they're drowning fast, it only makes sense that they'd come after customers. So stop giving them ammunition, America. Sometimes you make me just as sick as the banks.

Jr Deputy Accountant

Some say he’s half man half fish, others say he’s more of a seventy/thirty split. Either way he’s a fishy bastard.

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