Unfair Market: The State of High-Cost Overdraft Practices in 2017
According to new data released recently by the FDIC, the largest banks in America collected $11.45 billion in overdraft and non-sufficient funds (NSF) fees from American consumers in 2017, an increase of approximately $10 million over the 2016 total. Overdraft fees often impose a great burden on those already living paycheck to paycheck, struggling to make ends meet. Typically, a small proportion of bank account holders pay a large proportion of total overdraft fees. Since 2015, the FDIC has collected and released information about these controversial penalty fees from banks that have $1...