Mar 29
Financially struggling Americans paid an increasing amount of money in overdraft fees last year, in spite of a 2010 rule designed to prevent abusive overdraft charges, analysts say a new report reveals.
The report, by Illinois-based Moebs Services, found banks and credit unions were able to increase how much they earned in overdraft fees to $32 billion last year, a jump of 1.3 percent from the previous year.
Consumer advocates and banking experts told The Huffington Post those increased bank revenues came at the expense of people in dire financial straits, and they show much needs to be done to keep those consumers from being forced into costly overdraft-protection schemes.
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