Advantus Media Inc. and QuoteInspector.com
These revenues came to $2.2 billion in total, which is almost $700 million less than what was projected for 2022.
When a customer attempts to spend more than the cash balance in their current account, they will be assessed overdraft fees. The Consumer Financial Protection Bureau (CFPB) reports that since 2000, fees at several banks have averaged $35 per transaction. The fees are a profitable item for the sector, bringing in $280 billion annually.
The CFPB proposed capping costs at $3 per transaction in January. Banks support overdraft services because they see them as a lifesaver that keeps Americans from taking out microloans or other riskier options.
Jennifer Tescher, the director of the organization Financial Health Network, says that banks are "trying to find more customer-friendly ways to meet their liquidity needs, instead of just getting rid of overdrafts."
source: cnbc.com
When a customer attempts to spend more than the cash balance in their current account, they will be assessed overdraft fees. The Consumer Financial Protection Bureau (CFPB) reports that since 2000, fees at several banks have averaged $35 per transaction. The fees are a profitable item for the sector, bringing in $280 billion annually.
The CFPB proposed capping costs at $3 per transaction in January. Banks support overdraft services because they see them as a lifesaver that keeps Americans from taking out microloans or other riskier options.
Jennifer Tescher, the director of the organization Financial Health Network, says that banks are "trying to find more customer-friendly ways to meet their liquidity needs, instead of just getting rid of overdrafts."
source: cnbc.com
