Overdrafts earned the biggest banks $11.68 billion last year—and experts warn they could 'balloon exponentially' during the pandemic (via CNBCMakeIt)
Roughly 2 out of 3 Americans who have lost jobs or had their paychecks reduced as a result of the coronavirus pandemic are worried about their ability to pay their bills, according to the. While about 60% of those surveyed are cutting back on their spending in an effort to stretch their budgets, many may wind up overdrawing their accounts and paying overdraft fees.
The number of overdraft fees could "balloon exponentially" as a result of the coronavirus crisis, the report finds. The high levels of under- and unemployment Americans currently face — theshows 42 million people are unemployed — could cause financial strain and potentially lead to unprecedented volumes of overdrafts.
Many times, customers overdraft despite carefully attempting to avoid it because some banks will reorder how the purchases are transacted, posting larger expenses first so the account is depleted more quickly, CRL's report says.. A consumer will authorize or make a purchase when they have money in their account, but the bank will delay transferring the money.
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