As bank fee revenue is going down, the actual bank fee is going up. Banks have raised their overdraft fee rate up $2.50 which will earn $2 billion a year more. Those people who are struggling with their money and are overdrawing on their checking accounts are the ones who are paying. A household could save a few hundred dollars from bank fees alone each year.
The average fees are now at $35 for an overdrawing error – each time. That can be an expensive cup of coffee! The banks collected over $29 billion last year in revenue from these fees.
Taking out a payday loan to cover expenses before your next paycheck comes in is a much more cost effective route to take. A payday loan for a few hundred dollars is still less expensive than one overdraft bank fee. Do your banking online so you have access to your account. Plan ahead and apply online for a payday loan to keep your finances in order. Banks make billions off of people’s errors. Save your cash and try it the less expensive way, the payday loan way.
