U.S. bank fees for overdrafts are set to reach a record $38.5B
A report shows that U.S. banks expect to receive $38.5 billion in customer fees for overdrafts this year, a record, and that the median charge has gone up from $25 to $26, the first time in more than four decades that the charge has increased during a recession. "Banks are returning to a fee-driven model and overdraft fees are the mother lode," said Mike Moebs, founder of research company Moebs Services, which prepared the report. Financial Times (tiered subscription model) (8/9)
*are you kidding me? And I'll bet that Bank of America is at the top of the fat fee list. These banks and Congress are incredulous aren't they?
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