Mounting U.S. Household Debt and Bank Overdraft Fees

‘We have all been shafted by overdraft fees from our bank at one time or another. It’s an annoyance and a frustration, especially for those of us who don’t have much money to begin with. It’s also a constant puzzle: if one doesn’t have $5, how is that person going to pony up an extra $35 for the fee? Yet banks continue to charge fees and rake in money, making $35 billion on overdraft fees in 2014.

To get a better handle on the problem of overdrafts, we need to understand the history of such fees and reframe how we look at them – shifting our perspective to see overdraft costs as a sort of a loan, rather than a fee.’

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