Here's a piece from Money that says Americans paid . The details:
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.
He also pointed out that the average amount of money consumers overdraft by is about $24 -- but that banks often charge fees of around $34 for each overdraft incident.
I don't know why I'm surprised at stuff like this any longer.
You'd think that after all these years of blogging that I'd have it ingrained how poor Americans are at money management and nothing would shock me.
Then something like this comes along.
$15 billion in WASTED MONEY. That's what this is saying. People spent money they didn't have and ended up not only paying the original bill but actually paid $15 BILLION more.
Ugh. When will these bad decisions end????