Overdraft Fees Still a Big Payday for Financial Institutions

Washington, DC: Despite rules meant to curb excessive overdraft fees, according to information from the Federal Deposit Insurance Corporation (FDIC), some consumers are still having a difficult time getting out of overdraft, given the high fees charged for each overdraft transaction. According to the FDIC report (as cited by The Washington Post; 6/13/16), the approximately 600 banks included in the data collected $2.7 billion in overdraft fees in the first quarter

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