39 million

American Banker

Thaddeus King

August 31

Each year, 39 million Americans incur fees for overdrawing their checking accounts. Those consumers, also known as overdrafters, typically pay $35 each time they don't have enough money in their account to cover a transaction. While bank overdraft programs can be a useful way for some consumers to prevent important transactions from being declined, overdraft does not effectively address the needs of most others. Millions of people pay a penalty for debit or ATM transactions for which they have insufficient funds, instead of having these transactions simply declined at no cost. Do you think banks should cut overdrafts altogether?

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