USA Today reports that banks are making it easier for Americans to overdraw their bank accounts. The $17.5 billion Americans paid in bank overdraft fees in 2006 was up 70 percent from the $10.3 billion they paid were charged in 2004.
In the 1990s, banks began automatically covering overdrawn transactions, for a fee. These fees now average $34 per transaction.
Banks are also making it easier to overdraw your accounts. A growing number of banks are allowing debit card transaction when there are insufficient funds in your account. More banks are clearing checks from the highest amount to the lowest, thus allowing the bank to charge more fees.
This entry was posted on Thursday, July 12th, 2007 at 5:11 pm and is filed under Pre-Bankruptcy Credit Counseling. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.
Join this class action lawsuit against Wachovia Bank, N.A.
Read the FDIC report issued on November 2008 that uncovers a “re-sequencing scheme” Wachovia and other banks implemented to rob consumers of their money through overdraft fees:
http://www.badisse.com/?p=82