Anna Maria Andriotis
speaker
3,396 appearances
52 recordings
1 series
first heard Jul 2017
last heard Dec 2022
Anna Maria Andriotis’s voice in public audio — every appearance, attributed to the second.
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Appearances
You want your reliance to be on revenues that you feel good about.
And part of the problem with overdrafts is that while it's legal, it hurts people.
Great to be speaking with you.
These fees have been around for decades.
The dollar amount that they produced for the banks used to be somewhat higher, not by much, but somewhat higher prior to regulation that was put into effect in 2010 to try to get them under control.
But these fees are basically produced for the banks when a couple things happen.
First, there's the overdraft fee, which is essentially when somebody uses
their debit card for purchases or uses it at an ATM and ends up taking more money out of their bank account than they actually have and they get charged the fee.
That fee currently is averaging about $30 per transaction.
The fee has largely in recent years remained steady, though it has risen.
It's up certainly from about a decade prior.
In addition to overdraft fees, there is a similar type of fee
that banks refer to as a non-sufficient funds fee.
And that kicks in when people use their bank accounts to pay their bills, to pay their credit card or utility bill, and the transaction, that payment amount, ends up being greater than what they have in their bank account balance.
So in many cases, people get hit with a non-sufficient funds fee, which could also kick in when checks bounce,
And those fees are also pretty hefty as well.
In total, overdraft and non-sufficient fund fees average about $30 currently.
Financial institutions are on pace to collect nearly $33 billion in this fee revenue this year.
That would be up 5% from last year.
And we're talking about banks, credit unions, fintechs.
Showing 721–740 of 3,396 · page 37 of 170
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