Brookings Study: Do Banks Relying On Overdraft Fees Become “Payday Lenders With A Charter”?

LexisNexis ( June 9, 2021, 9:49 AM EDT) -- The practice of temporarily covering a payment against insufficient funds in a deposit account used to be a practice banks offered as a courtesy to existing customers in good standing. Today, it is common for banks and credit unions to charge “overdraft fees.” Overdraft fees generate over $34 billion in revenue annually....