ATM, Overdraft Fees Surge to Record Highs
Banks are charging more than they ever have before for ATM usage and for NSFs, setting new records in multiple categories.
Banks are charging more than they ever have before for ATM usage and for NSFs, setting new records in multiple categories.
Consumers who don’t manage their bank accounts are significantly more likely to have a messy split with their financial institution.
If your disclosures are long and complicated, consumers will assume you've got something to hide… and then pick one of your competitors.
Does raising the fee by 10% add 10% more to the bottom line? No. In fact, fee income drops while customer attrition increases.
You'd think that people with the lowest average balances are those who overdraw their accounts most often, but that's not the case.
A combination of mobile banking and high fees and conspired to lower consumer demand for overdraft protection services.
12 million Americans get a payday loan annually. The average "two week" loan is $375, but many are indebted for 5 months and cough up $520.
The number of financial institutions offering free checking dropped by nearly half last year, putting the once-popular account on death row.
Banks are jacking fees and raising requirements, while credit unions desperately try to avoid following suit.
Do banking consumers know what they're getting into when they sign up for overdraft coverage? This study says no.
Overdraft services are a competitive lever in the war for retail deposits. Big banks walk a tightrope between profits and cranky customers.
Overdraft income is down for the second year and fewer consumers are incurring fees. To stop the bleeding, bank marketers must step up.
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Reordering purchases to trigger additional overdraft income is still common among banks. It may be legal, but it damages the brand.
The number of free checking accounts is shrinking while account requirements, monthly fees, ATM surcharges and overdraft fees all going up.
Somewhere between 33%–75% of consumers opted in to OD plans, and overdraft fees will hit a record in 2011. Was deceptive marketing involved?
Data showing delivery channels by generation, a breakdown of NSF and overdraft fee income and the earch for home equity slows to a trickle.
1 in 2 checking accounts are unprofitable, 36% of credit unions are unprofitable and top U.S. banks charged $30B in NSF fees in 2007.
Overdraft fees may be a balance sheet necessity for banks. But do they have to be so stereotypically defensive and uncreative?