When you write a check and it bounces, it makes your bank that much richer. According to a new study, banks are bringing in big bucks from overdraft fees.
FOX News Radio’s Bill Vitka reports:
Overdraft fees cost you money, but they make a lot of money for the banks. Last year banks took in $32 billion in overdraft fees. That is $400 million more than the year before.
A new study from the Consumer Financial Protection Bureau says the median overdraft fee at the 33 biggest banks is $34. It’s a little bit less at smaller banks.
While some of this is not unfamiliar territory, what is eye-raising is that banks get 61% of their profit from consumer checking accounts from fees for overdrafts and insufficient funds.
Bill Vitka, FOX News Radio.