Even One Overdraft Hurts

Pew Charitable Trusts found several slight differences between consumers who overdraft frequently and those who only do so a few times a year.

Report: Overdrafting Just A Little Or A Lot Has The Same Negative Consequences For Consumers’ Accounts

For most consumers, overdrawing their checking account results in a hefty fee. While it’s safe to argue that consumer who have more overdrafts will pay more in fees, a new report from The Pew Charitable Trusts finds that both high-frequency and low-frequency overdrafters often face the same devastating financial ramifications from banks’ overdraft penalties. [More]