{"id":392800,"date":"2022-01-12T06:42:00","date_gmt":"2022-01-12T03:42:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/theres-one-surprising-similarity-between-those-who-pay-bank-overdraft-fees-and-those-who-avoid-them\/"},"modified":"2022-01-12T06:42:00","modified_gmt":"2022-01-12T03:42:00","slug":"theres-one-surprising-similarity-between-those-who-pay-bank-overdraft-fees-and-those-who-avoid-them","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/theres-one-surprising-similarity-between-those-who-pay-bank-overdraft-fees-and-those-who-avoid-them\/","title":{"rendered":"#: There\u2019s one \u2018surprising similarity\u2019 between those who pay bank overdraft fees and those who avoid them"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3f9cec40259\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3f9cec40259\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/theres-one-surprising-similarity-between-those-who-pay-bank-overdraft-fees-and-those-who-avoid-them\/#Bank_of_America_plans_to_end_its_35_%E2%80%98non-sufficient_funds_fees_next_month_and_will_drop_overdraft_fees_to_10_from_35_Wells_Fargo_is_also_ending_some_fees_on_overdrawn_accounts\" >Bank of America plans to end its $35 \u2018non-sufficient funds\u2019 fees next month, and will drop overdraft fees to $10 from $35. Wells Fargo is also ending some fees on overdrawn accounts.<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/theres-one-surprising-similarity-between-those-who-pay-bank-overdraft-fees-and-those-who-avoid-them\/#Andrew_Keshner\" >Andrew Keshner<\/a><\/li><\/ul><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#: There\u2019s one \u2018surprising similarity\u2019 between those who pay bank overdraft fees and those who avoid them<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\"><span class=\"ez-toc-section\" id=\"Bank_of_America_plans_to_end_its_35_%E2%80%98non-sufficient_funds_fees_next_month_and_will_drop_overdraft_fees_to_10_from_35_Wells_Fargo_is_also_ending_some_fees_on_overdrawn_accounts\"><\/span>\n  Bank of America plans to end its $35 \u2018non-sufficient funds\u2019 fees next month, and will drop overdraft fees to $10 from $35. Wells Fargo is also ending some fees on overdrawn accounts.<br \/>\n<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\" role=\"region\" aria-label=\"article body\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000547843\" role=\"document\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000547843\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>       Are you still paying overdraft fees?<\/p>\n<p> Bank of America<br \/>\n        BAC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/200894270\/composite\" class=\"positive\">+0.57%<\/bg-quote><br \/>\n       said Tuesday morning that it plans to end its $35 \u201cnon-sufficient funds\u201d fees next month, and will <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.prnewswire.com\/news-releases\/bank-of-america-announces-sweeping-changes-to-overdraft-services-in-2022-including-eliminating-non-sufficient-funds-fees-and-reducing-overdraft-fees-301458229.html\" class=\"icon none\">reduce overdraft fees to $10 from $35<\/a>, starting in May. Non-sufficient fund fees occur when a payment bounces. Overdraft fees occur when consumers withdraw more than the agreed amount.<\/p>\n<div class=\"paywall\">\n       Wells Fargo<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/newsroom.wf.com\/English\/news-releases\/news-release-details\/2022\/Wells-Fargo-to-Help-Millions-of-Consumer-Customers-Avoid-Overdraft-Fees-and-Meet-Short-Term-Cash-Needs\/default.aspx\" class=\"icon none\"> said later Tuesday<\/a> it was also easing up on the fees that kick in for overdrawn accounts.  By the end of the first quarter, non-sufficient funds fees will not be assessed, Wells Fargo<br \/>\n        WFC,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203790192\/composite\" class=\"positive\">+1.28%<\/bg-quote><br \/>\n       said. Transfer fees for accounts with overdraft protection will also be eliminated in that time. In the third quarter, the bank is going to allow early access to direct deposit and start 24-hour grace periods to give account holders some time to get cash into accounts and avoid the fees. <\/p>\n<p>But there\u2019s a long way to go. The industry took in $15.47 billion in \u00a0overdraft and non-sufficient funds in 2019, according to a report released last month from the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.consumerfinance.gov\/about-us\/newsroom\/cfpb-research-shows-banks-deep-dependence-on-overdraft-fees\/\" class=\"icon none\">Consumer Financial Protection Bureau<\/a>. Bank of America, J.P. Morgan Chase<br \/>\n        JPM,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205971034\/composite\" class=\"positive\">+0.10%<\/bg-quote><br \/>\n       and Wells Fargo accounted for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>roximately 44% of those fees, it said.<\/p>\n<p>Some people are still dependent on overdrafts, despite the often high fees. Nearly one-fifth (18%) of consumers with a bank or credit union said they were dinged with an overdraft fee in December, an increase from 14% in August, according to a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/morningconsult.com\/2022\/01\/11\/overdrafted-underbanked-and-looking-for-new-providers\/\" class=\"icon none\">Morning Consult poll <\/a>released Tuesday.<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span>Overdrafters are disproportionately millennials, parents and those experiencing income volatility.<span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span><\/p><\/div>\n<\/p><\/div>\n<p>       \u201cOne surprising similarity between overdrafters and the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> population is their income levels,\u201d the report said. \u201cThose who overdraft are about as likely to report annual household income of more than $50,000 and slightly more likely to report annual household income of more than $100,000.\u201d<\/p>\n<p> Of those who said they pay overdraft fees, half were millennial consumers and 47% were parents with kids under age 18. Almost two-thirds (58%) of overdrafters in the poll made less than $50,000, while 27% made between $50,000 and $100,000 and 16% made above $100,000 a year. But they do tend to share one common trait: volatile income streams.<\/p>\n<p>\u201cMore than one in five adults (21%) who have overdrafted since August also reported receiving a payday loan, and roughly the same share reported either purchasing a money order or cashing a check through a provider other than a bank or credit union,\u201d Morning Consult added. That\u2019s more than double the rate of the general population.<\/p>\n<p>BoA\u2019s decision \u201cwill provide much-needed relief for customers who least can afford the burden of overdraft fees, and should lead other financial institutions to drop these fees that disproportionately impact low-income, Black and Latino Americans,\u201d said Mike Calhoun, president of the Center for Responsible Lending.<\/p>\n<p>Bank of America shares are up more than 48% in the past 12 months. Wells Fargo shares are up roughly 68% in that period. The Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"positive\">+0.51%<\/bg-quote><br \/>\n      <a rel=\"nofollow noopener\" target=\"_blank\" href=\"#phrase-company?ref=COMPANY%7CDJIA;onlineSignificance=passing-mention\" class=\"icon none\"> <\/a>is up nearly 17% in that time and the S&amp;P 500 is up roughly 23% in that time.<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>    <span>By<\/span><\/p>\n<div class=\"author mobile-scrim hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Andrew Keshner\",\"subhead\":\"The Wall Street Journal\",\"list\":[{\"type\":\"link\",\"icon\":\"bio\",\"url\":\"https:\/\/www.marketwatch.com\/author\/andrew-keshner\",\"text\":\"Biography\"},{\"type\":\"link\",\"icon\":\"twitter\",\"url\":\"https:\/\/twitter.com\/andrewkeshner\",\"text\":\"@andrewkeshner\"},{\"type\":\"link\",\"icon\":\"email\",\"url\":\"mailto:akeshner@marketwatch.com\",\"text\":\"akeshner@marketwatch.com\"}]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Andrew_Keshner\"><\/span>Andrew Keshner<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-785C-0334EF00AF8C%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#: There\u2019s one \u2018surprising similarity\u2019 between those who pay bank overdraft fees and those who avoid them&#8221; Bank of America plans to end its $35 \u2018non-sufficient funds\u2019 fees next month, and will drop overdraft fees to $10 from $35. Wells Fargo is also ending some fees on overdrawn accounts. Are you still paying overdraft fees?&#8230;<\/p>\n","protected":false},"author":1,"featured_media":392801,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.mktw.net\/im-400043\/social","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-392800","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/392800","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=392800"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/392800\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/392801"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=392800"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=392800"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=392800"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}