Overdraft fees have forced the poor out of banks: former FDIC chair

Overdraft fees have forced the poor out of banks: former FDIC chair

In 2019 Americans paid $11.68 billion in bank overdraft fees. Most of these fees (80%) were paid by just 9% of the customers, who are often the bank’s poorest, with balances of around $350 or less, according to the Center for Responsible Lending.  This tends to have a particularly harsh impact on communities of color, […]