Anyone who’s paid a fee for overdrawing a bank account knows the sting and regret associated with it — not to mention the cost. If you felt the fee was way too high, it wasn’t your imagination.
Overdraft fees have been increasing quickly, according to new research this week from Moebs Services, a research and consulting firm that focuses on banks, credit unions and other financial institutions. The average overdraft fee at a bank is now $30, up 50% from $20 in 2000. And credit unions, typically applauded for their consumer-friendly practices and prices, aren’t far behind.
