Over $1 BILLION in Overdraft Fees!

May 29, 2015

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.

About the Author

After many years of coaching others in the workplace, Parkey Thompson decided to follow his passions and focus on providing personal financial coaching, strategic planning and direction setting to individuals, families, religious organizations and small businesses by starting Financial Focus. Throughout his personal and professional life, Parkey has experienced first-hand and overcome many of the challenges he now helps others navigate on a daily basis. For over twenty years, Parkey held various leadership positions across multiple companies, including companies such as General Electric and IBM. In 2005, he thoughtfully decided to use his leadership skills to help others significantly improve their own personal finance, career, life, and business financial situations. Parkey is a certified financial coach, compassionately helping his clients navigate through challenging financial and life decisions on a daily basis . He is a Sunday School teacher, volunteer and has served on several boards / committees. He enjoys passionately motivating and helping families, individuals, businesses, and churches envision and achieve their dreams. In addition to Financial Focus, Parkey is a contributing financial writer to local magazines and newsletters, a former frequent guest on “Mornings” with Lorri Allen and Larry Estepa on the FamilyNet TV and radio network, and a radio contributor to Family Life Radio's Intentional Living program. More than anything, Parkey and his family live what he teaches others. Parkey and his family are debt free and live without credit cards and on a plan! Parkey and his wife, Lisa, live in Cumming, Georgia and are newly empty nesters. They three have three children – Kayla (and husband Micah), Morgan (and husband Ryan) and Micah.