Based on the Client Monetary Safety Bureau, People paid $15 billion in overdraft charges final 12 months. That’s an terrible lot of cash that customers wasted on pointless and preventable charges. CNN Cash reported:
In 2016, U.S. customers paid a complete of $15 billion in charges for bouncing checks or overdrafting — which is when a buyer tries to make a purchase order with out sufficient cash of their account to cowl the transaction — based on new knowledge launched by the Client Monetary Safety Bureau.
All banks with property over $1 billion should report how a lot cash it introduced in through bounced test and overdraft charges, based on CFPB. And this 12 months the trade rang up at $11.41 billion. That’s up 2.2% from 2015, which was the primary 12 months banks started reporting whole overdraft and bounced test charges to the CFPB.
Including in its greatest guess for what smaller banks and credit score unions charged, and CFPB says $15 billion is roughly the grand whole.
These charges are significantly troublesome for cash-strapped People, CFPB Director Richard Cordray stated on a press name Thursday.
“Shoppers residing on the sting can discover themselves racking up quite a few overdraft fees,” Cordray stated. “Regardless of latest regulatory and trade modifications, customers with low account balances and little margin for error proceed to pay vital overdraft charges.”
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