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Tuesday, June 11, 2013 - 9:25am
A new government report finds checking account customers are racking up hundreds of dollars in overdraft fees each year. The Consumer Financial Protection Bureau says on average, overdrawing an account costs customers $225 in fees per year.
Overdraft fees are sparked when a customer overdraws their checking account by making a purchase with their debit card and the bank covers the transaction instead of denying it and non-sufficient fund fees kick in when a check or automatic payment overdraws the account.
The CFPB estimates overdraft and non-sufficient fund fees making up 60 percent or more of consumer checking account fee revenue.