The nation’s 628 biggest banks made $11.16 billion just from overdraft and non-sufficient funds fees in 2015, the first year they’ve had to share this data publicly. On average, these two fees amounted to 8% of the banks’ net income and made up almost two-thirds of all service fees charged to consumer bank accounts. The new data were released by the Consumer Financial Protection Bureau.
How to avoid overdraft and NSF fees;
Resolve the fee quickly before it escalates out of control. Often times if you are not a habitual offender of overdraft fees and NSF fees, the financial institution will consider refunding some or all of the fee. Regardless, it is best to resolve the fee quickly to ensure that per diem fees and additional charges are not assessed on your account.
Being a non-profit organization, Riverset does not make money on your fees. Any fee charged to our membership covers operational costs to keep the credit union running. Any excess money outside of that is then put back into the organization to improve on our products and services, lower the interest rates on loan products, or increase the return on savings products. Stop feeding the banks and their shareholders and make the switch to Riverset.