- Bodies of Seven Women Found In IndianaPosted 11 hours ago
- New Ebola Guidelines for HospitalsPosted 15 hours ago
- AFMW: Artist, Author & Speaker Joni Eareckson TadaPosted 15 hours ago
- FOX Wheels: Teen DrivingPosted 17 hours ago
- FOX in the Fast Lane: Kicking Off The ChasePosted 1 month ago
- Obamacare Data Discrepancies Could Jeopardize CoveragePosted 4 months ago
Banks Collecting From Overdraft Fees
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.