Overdraft Fees Fell in the Covid-19 Economy
In the past month overdrafts in checking has frequently appeared in the media.
Two major stories are included below: Wall Street Journal and New York Times.
Moebs $ervices is the primary source of overdraft data for both publishers.
Interesting copy highlighted for your convenience.
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Many people curbed their spending and lenders waived fees, pushing down overdraft revenue nearly 10% in 2020
Some banks are introducing products and features that are more lenient on overdrafts.
By Allison Prang
Wall Street Journal May 30, 2021 5:30 am ET
Photo: Matt Rourke/Associated Press
Legislators slammed banks last week for the money they made from overdraft fees. It turns out, though, that overdraft revenue fell in 2020 for the first time in six years.
The reasons? With nowhere to go when Covid-19 hit, many people curbed their spending. Stimulus money helped them pad their bank accounts. And banks were also more lenient about waiving the fees. READ FULL ARTICLE
Written By: m.moebs
Date Posted: 6/28/2021
Number of Views: 163