Overdraft Fees Are Taxing America’s Poor—And We Need To Do Something About It

Overdraft fees benefit banks more than customers, and are taxing America’s poor.

Here’s what you better know and why policy should do something about it.

To prevent this embarrassment and inconvenience, many banks have created a variety of options.

Small Overdrafts, Disproportionate Effects

These fees, however, seem to benefit banks more than consumers.

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If youre able to maintain a buffer of additional cash in your account, that can help, too.

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The Consumer Financial Protection Bureau offers auseful fact sheetfor preventing overdraft fees.

Stevens says banks are increasingly recognizing how much people appreciate fee-free banking.

For example, mobile banks likeChimeandMovenoffer accounts without overdraft fees.

Everyone has to know their own tendencies.

verify you are at a bank that meets your needs.

Having that peace can also give you clarity and confidence when it comes to managing your money.

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