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Americans have racked up billions -- yes, billions -- of dollars worth of overdraft charges.
In 2016, U.S. consumers paid a total of $15 billion in fees for bouncing checks or overdrafting--which is when a customer tries to make a purchase without enough money in their account to cover the transaction-- according to new data released by the Consumer Financial Protection Bureau.
All banks with assets over $1 billion must report how much money it brought in via bounced check and overdraft fees, according to CFPB. And this year the industry rang up at $11.41 billion. That's up 2.2% from 2015, which was the first year banks began reporting total overdraft and bounced check fees to the CFPB.
Read more http://money.cnn.com/2017/08/04/pf/overdraft-fees-cfpb/index.html
In 2016, U.S. consumers paid a total of $15 billion in fees for bouncing checks or overdrafting--which is when a customer tries to make a purchase without enough money in their account to cover the transaction-- according to new data released by the Consumer Financial Protection Bureau.
All banks with assets over $1 billion must report how much money it brought in via bounced check and overdraft fees, according to CFPB. And this year the industry rang up at $11.41 billion. That's up 2.2% from 2015, which was the first year banks began reporting total overdraft and bounced check fees to the CFPB.
Read more http://money.cnn.com/2017/08/04/pf/overdraft-fees-cfpb/index.html