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Overdraft fees

Overdraft fees, long associated with big banks, are big business for credit unions too

by Scott Rodd
Dec 28, 2023
A first-of-its-kind California law shows how much credit unions receive in overdraft charges, which often burden low-income families.
A San Diego County Credit Union branch in Escondido, California. The credit union collected $18 million in overdraft fees in 2022.
Scott Rodd
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Bank fees and minimum balances have risen to record highs, survey finds

by Mitchell Hartman
Oct 20, 2021
The average minimum balance needed to avoid fees is now nearly $10,000
Overdraft fees are at an all-time high, according to Bankrate.
Mario Tama/Getty Images
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Banks suspended overdraft fees for the pandemic. Now, 1 is doing so permanently.

by Samantha Fields
Jun 3, 2021
Ally Bank says the charges made up less than 1% of revenue and disproportionately affected Black, Latinx and low-income customers.
The banking industry generated $12 billion from overdraft fees last year, but for many banks, the charges make little impact on financial results.
Nicola Katie via Getty Images
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COVID-19

Big banks pledge overdraft relief so customers reap full benefits of COVID-19 checks

by Nova Safo
Apr 16, 2020
Big banks say they’ll give customers a temporary break on negative balances.
Stimulus checks are fair game for private debt collectors. But big banks are offering relief for negative balances.
Joe Raedle/Newsmakers
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CFPB is taking a fresh look at bank overdraft fee rule

by Renata Sago
Jul 2, 2019
The Consumer Financial Protection Bureau is reviewing a 2009 rule that regulates how banks charge customers who overdraw their checking accounts.
Saul Loeb/AFP/Getty Images
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Overdraft charges and fees aren't as profitable as they used to be

by Conrad Wilson
Sep 10, 2014
The banking industry is taking in fewer profits from fees, but that doesn't mean they're going anywhere.
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Bank fees and the $38 latte: Back with a vengeance

by Mark Garrison
Jun 11, 2013
Opting into your bank’s overdraft protection could leave you paying higher fees and make your account more likely to be shut down, according to a new report from the Consumer Financial Protection Bureau.
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Despite reforms, bank fees keep rising

by Marketplace Contributor
Sep 24, 2012
Banks are spreading the pain of fees to a wider swath of clients, according to a Bankrate study. Free checking is a dwindling option.
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Money Matters

Money Matters: Bank customers v. overdraft fees

by Tess Vigeland
Jun 12, 2012
A new study that finds Americans still paid $30 billion in overdraft fees last year despite efforts to curb them. Here are the facts you need to know.
Chris Hondros/Getty Images
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Makin' Money

Overdraft America

by Chris Farrell
May 3, 2012
Bank overdraft rules are poorly understood, especially by two groups: the young and low-income consumers.
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