In 2016, U.S. consumers paid a total of $15 billion in fees for bouncing checks or overdrafting -- which is when a customer tries to make a purchase without enough money in their account to cover the transaction -- according to new data released by the Consumer Financial Protection Bureau.

All banks with assets over $1 billion must report how much money it brought in via bounced check and overdraft fees, according to CFPB. And this year the industry rang up at $11.41 billion. That's up 2.2% from 2015, which was the first year banks began reporting total overdraft and bounced check fees to the CFPB.

Americans paid $15 billion in overdraft fees last year, CFPB says

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bizgrrl's picture

Dropped from an estimated $38

Dropped from an estimated $38 billion in 2010. Regulations work, but may need to be tightened.

R. Neal's picture

Thought Trump vowed to get

Thought Trump vowed to get rid of that awful CFPB?

mjw's picture

Good luck

He needs 60 votes. Won't get them and McConnell isn't going to give up the filibuster just for bank regulations.

michael kaplan's picture

Sounds like good business

Sounds like good business acumen to me, what keeps the bank stocks rising. It's the stock market that, at least partially, floats the economy and supports our pensions. At a time of near-zero interest rates and low return on loans, the banks need to create new sources of income for themselves.

Up Goose Creek's picture

First Tennessee: Grrrrr...

I found out today that First TN charges 1 1/2% to cash a check written on their bank if you aren't an account holder. The smug cashier told me that most banks do that. No, Home Federal does not.

Furthermore, there has been more than one occasion when evicting a person and cleaning out the apartment I will come across a cache of statements charging $29 for overdraft fees. I swear in one case the fees amounted to more than the rent.

Boycott First Tennessee.

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