Fast Facts--Overdraft Loans

• Total cost per year consumers pay in overdraft fees: $23.7 billion.
• The most common trigger of overdraft fees are debit card transactions. Together, debit card and ATM overdrafts account for 46% of all overdraft fees.
• Most debit card transactions that trigger overdrafts are small. Average transaction: $20. Average fee charged: $34.
• 80% of consumers surveyed would rather have their debit card transaction denied than have it covered in exchange for an overdraft fee.
• Americans aged 55 and over pay $6.2 billion in overdraft fees annually.
• Americans aged 18-24 pay nearly $1.3 billion in overdraft fees annually.