Marketing Business Weekly
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Center for Responsible Lending
Tarnished Golden Years: Unauthorized Bank and Credit Union Overdraft Fees Threaten Financial Security of Older Americans
June 30th, 2008
Americans 55 and over pay $4.5 billion in fees annually for overdraft loans they haven't asked for and typically don't want, a new study by the Center for Responsible Lending finds. Of that, nearly $1 billion is stripped from people heavily dependent on Social Security income.
The new report "Shredded Security: Overdraft practices drain fees from older Americans," shows that overdrafts triggered by debit card use hit people at or approaching retirement age hard even though they use plastic less than younger debt-card holders. The cost -- $1.65 in fees for every $1 advanced -- reinforces CRL's previous research, which found that overdraft fees are disproportionate to the...
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Source: Marketing Business Weekly (2008-06-30)