There’s a Spot in Hell Reserved for Bank Overdraft Fees - Bloomberg: "But, it turns out, too many people are too optimistic. Overdrafts are inevitable because of how close to the edge many Americans’ finances are. One study of 7,500 bank customers found that 72 percent of checking accounts drop below $100 in any given month. More than 36 million checking accounts get overdrawn each year, and 8 million account holders do so more than six times a year, according to the Center for Responsible Lending.
Despite their fragile finances, consumers don't read the fine print or do the math that could save them from those charges. Many customers don't know that unless they give their express consent, banks are required to deny debit and ATM transactions that would trigger an overdraft fee. They may not even remember agreeing to get overdraft protection. Thanks to banks’ marketing campaigns, it can sound like the responsible thing to do -- it’s protection."
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Despite their fragile finances, consumers don't read the fine print or do the math that could save them from those charges. Many customers don't know that unless they give their express consent, banks are required to deny debit and ATM transactions that would trigger an overdraft fee. They may not even remember agreeing to get overdraft protection. Thanks to banks’ marketing campaigns, it can sound like the responsible thing to do -- it’s protection."
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