That's the result of a study that the
Large banks have generally charged a
The study builds on a 2013 report that found that heavy overdrafters, on average, face
"Overdraft fees should not be 'gotchas' when people use their debit cards,"
The study found that 75 percent of all overdraft fees come from just 8 percent of bank customers. Younger Americans who frequently use debt cards are more likely to be charged fees. More than 10 percent of accounts belonging to 18- to 25-year-olds are hit with at least 10 overdraft fees a year. Nearly 36 percent of accounts belonging to 26- to 45-year-olds face at least one fee.
Not surprisingly, the fees weigh mainly on people who use their debit cards more often. Nearly half of bank customers with more than 30 debit transactions each month will pay one or more fees each year.
Most Popular Stories
- Paniagua Wins Grand Prize in Young Artists Program
- IBM to Pay Big to Unload Chip Division
- Yaris Adds French Flair for US Market
- Sub Hunt Brings Cold War Chill Back to Baltic
- Canadian Pacific Ends CSX Talks
- Cowboys Turn Back Clock to Glory Days
- Kerry Cites Moral Need in Weapons Air Drop
- US Stocks Move Higher Despite Drag by IBM
- Cable TV Not Going Away, Says Cable TV
- Peyton Manning Sets TD Passing Record