Banks & Credit Unions Collect $37 Billion In Overdraft Fees

New research by Bretton Woods Inc., a bank strategy consulting firm, shows that U.S. banks and Credit Unions collect $37 billion in fees annually on overdrawn checking accounts. Nationally, the average U.S. household faces more than 12 overdraft transactions per year and pays $368 per year in fees.

A payday loan cash advance would be useful in preventing many such overdrafts from occurring – and the fees for a payday loan are less than the cost of a Non-Sufficient Funds fee.

The research by bank strategist G. Michael Flores reveals the amount in fees paid by the average household with a checking account and discusses how banks and credit unions are more dependent on these fees for income. There is no reason to believe this trend will change.

Bounced check fees and overdraft protection will have a larger and larger financial impact on households.

Read the full report at http://bretton-woods.com/452/18901.html

Key Findings:

Fee Income

–  Bank and credit union income from non-sufficient funds (NSF) and  overdraft program (ODP) fees exceed $37 billion.

–  NSF/ODP fee income by state ranges from nearly $73 million in Alaska to $4.07 billion in California.

NSF/ODP Cost per Household

–  The national annual NSF cost per household with checking accounts is approximately $368.

–  Active households (defined as the 20.2 million households with bank or credit union accounts who write the majority of NSF items) pay $1,472 in  annual NSF fees.

NSF/ODP Transactions

–  The average United States household with a banking account incurs 12.7

        NSF fees per year.

–  Bank and credit union data used in Bretton Woods\’ modeling  determined 1.28 billion separate check and electronic NSF items.

–  An estimated 20.2 million households with bank or credit union accounts write the majority of NSF items (1.02 billion) incurring $29.7 billion in NSF fees or approximately $1,472 in fees per active household.

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