Banks Make $38 BILLION Just Off "Overdraft Fees!"

by **J The Kidd** Fri Aug 14, 2009 6:47 pm

US banks stand to collect a record $38.5bn in fees for customer overdrafts this year, with the bulk of the revenue coming from the most financially stretched consumers amid the deepest recession since the 1930s, according to research. The fees are nearly double those reported in 2000.

The Federal Reserve is working on rules on overdraft fees, and rules on customer charges could be a priority of the Obama administration’s proposed Consumer Protection Agency if approved by Congress.

The median bank overdraft fee has this year rose from $25 to $26, according to Moebs, the first time it has gone up in a recession for more than 40 years.

“Overdraft fees are there for a reason, we take on a lot of risk,” a senior banker said. “It’s a service to our customers, they want us to pay their overdrafts.”

The highest overdraft fees were charged by the largest banks, said Mr Moebs. At banks with assets greater than $50bn – a group including Citigroup, Bank of America, JPMorgan Chase and Wells Fargo – the median overdraft fee is set at $33.

by **Johnnie Butters** Fri Aug 14, 2009 7:01 pm

by **Illuminated One** Fri Aug 14, 2009 7:27 pm

... no comment ...

::they are watching us now::

by Kruz Mon Aug 17, 2009 12:11 pm

i believe that shit ..... my first year of college up in da states ... them niggaz caught me for 350 because overdrafted... fuckin back of america.... das why i roll with Smith and Barney now

by **TREND$ETTER** Mon Aug 17, 2009 7:57 pm

They don't get shit from me ... Okay well they do lol

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Banks Make $38 BILLION Just Off "Overdraft Fees!"

Banks Make $38 BILLION Just Off "Overdraft Fees!"

Re: Banks Make $38 BILLION Just Off "Overdraft Fees!"

Re: Banks Make $38 BILLION Just Off "Overdraft Fees!"

Re: Banks Make $38 BILLION Just Off "Overdraft Fees!"

Re: Banks Make $38 BILLION Just Off "Overdraft Fees!"

Re: Banks Make $38 BILLION Just Off "Overdraft Fees!"