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This Week in Credit News: Overdraft Fees

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This Week in Credit NewsThe biggest news this week is all about a report from the Consumer Financial Protection Bureau on overdraft fees.

CFPB Zeroes In on Bank Overdraft Fees

The CFPB released a report Tuesday that showed the burden overdraft fees can have on those who opt in for the service banks provide.

The starkest statistic from the report showed accounts that had at least one overdraft or non-sufficient funds (NSF) fee in 2011 from the banks surveyed paid an average of $225 in annual fees. Also, these fees accounted for 61 percent of total consumer deposit account service charges in 2011 among the surveyed banks.

The study also identified a group of Americans as “heavy overdrafters” — a small percentage of consumers who incur 10 or more NSF or overdraft charges in a year. The proportion of consumer checking accounts with at least one overdraft or NSF fee that were heavy overdrafters was 27.8% for banks that tracked all incidences for all accounts opened at any time during 2011.

@CFPB @CreditExperts @kgeldis

10 Steps Women Have Made Toward Financial Equality

The Equal Pay Act was signed into law 50 years ago this week, ensuring that women could not be discriminated via their wages based on their gender.

While the act was one step in the right direction, there have been many steps that have been taken to make women more secure financially. The ability for women in the U.S. to own land, vote and even get a credit card are all rights that had to be fought for. What’s next on the horizon?


Easy Changes to Make to Your Monthly Budget

There are two ways to save more money — make more or spend less. Unfortunately, for many, making more money is not as feasible as it is to cut your costs.

Some of the great tips offered up by Mint are to cut out midday snacks like protein bars or yogurts, which can cost up to $5 a pop. Those costs can add up, especially if you’re doing it on a daily basis. If you don’t want to cut the habit entirely, you can shop in bulk to cut down on the price per bar.


Image: Hemera

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