Wednesday, October 14, 2009

Overdraft Fees Up Sharply

The Center for Responsible Lending reports that overdraft fees have risen 35% over the last two years.

Summary Findings:

  • Finding 1: Over 50 million Americans overdrew their checking account at least once over a
    12-month period, with 27 million accountholders incurring five or more overdraft
    or non-sufficient funds (NSF) fees.
  • Finding 2: Banks and credit unions collected nearly $24 billion in overdraft fees in 2008.
  • Finding 3: Overdraft fee income for banks and credit unions rose 35 percent from
    2006 to 2008.

Full Report

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