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Overdraft fees up 35% in two years

Consumers’ suspicions have been confirmed. The $24 billion in overdraft fees that banks and credit unions collected during 2008 is a 35 percent increase over 2006. The Center for Responsible Lending released results of a study today, showing that more than 50 million Americans were overdrawn on their checking accounts during a 12-month period, and… Continue Reading Overdraft fees up 35% in two years

U.S. Bank is the latest major bank to make changes to overdraft fee policies. Bank of America, Wells Fargo and J. P. Morgan Chase & Co announced changes to their policies in recent weeks. Effective during the first quarter of 2010, U.S. Bank will: Eliminate overdraft fees when a customer’s account is overdrawn by less… Continue Reading U.S. Bank on policy-changing bandwagon

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