I learned something this week in an article I read. From that article I learned that 2015 is the first time that banks are being required to disclose their overdraft fees. Heather Long, writing for CNN/Money, also showed me that the “big three” banks have made over $1.1 BILLION in overdraft fees – just in the first quarter of this year. Unbelievable!
She noted that they are on track to make $4.5 BILLION for the year and that would equate to roughly $20 per each American. When you look at all the 600+ banks reporting for the first quarter, the total was $2.5 BILLION.
Are your contributing to this? What could you do with that money?
Overdraft fees are a picture of poor money management. For most people, it is a simple mistake and often made because you are not using an account register.
For others it is simply a way of life and a result of not managing what they have and then asking why they do not have anything.
Living on a plan, living to your plan, and tracking your path will help you keep your money in your pocket.
Want to read the story – click here.
How are you successful in not incurring overdraft fees? How can you help others? Leave a comment below.