ATM Misusers Get Most Bang for Overdraft Fee Bucks

July 29, 2013
NorthJersey.com 
credit card news

A new study commissioned by the Center for Responsible Lending (CRL) examined data from 2011 to see how banks apply overdraft fees to various types of transactions. Overdrafts from debit card purchases generated a median fee of $1.75 for every dollar overdrawn. Bounced checks, meanwhile, usually earned a fee of 56 cents for every dollar over the available account balance; and ATM users paid an average 39 cents for each dollar overdrawn. For all transactions, the median overdraft fee in 2011 was $35 -- up from $34 in 2007. CRL has recommended that authorities prohibit overdraft fees on debit card and ATM transactions and ban the practice among many banks of reordering checking account withdrawals to maximize fees.
Web Link







Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty
  

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.



`