Did anyone else see today’s headline about bank overdraft fees? According to a recent report, U.S. banks are on pace to collect $38.5 billion worth of overdraft fees this year.
Can that number be right? Assuming that it is, then every man, woman, and child* in the United States will have paid an average of a little more than $125 apiece in overdraft fees by the end of they year..
On a per household basis (and assuming an average of 2.59 individuals/household*) this works out to roughly $325. Even more astonishing is the fact that just 10% of bank customers account for nearly 90% of these fees.
All I can say is: Wow. No wonder Matt hates big banks.
I can’t even remember the last time we had an overdraft. How much do you expect to pay this year in overdraft fees?
*Note: Population numbers and household sizes are based on census estimates.
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