Watchdog group: Banks cashing in on overdraft fees

Tuesday, December 20, 2016 06:57PM
A consumer watchdog group says its research shows banks are cashing in big time on overdraft fees.


CENTER CITY - A consumer watchdog group says its research shows banks are cashing in big time on overdraft fees.

Representatives with the Pennsylvania Public Interest Research Group spoke out Tuesday in Center City.

They are calling on Congress to pass stronger regulations to help keep more of your money in your bank account.

"Through the first three quarters of 2016, 626 large banks reported collecting $8.4-billion in revenue from overdraft and non-sufficient funds or NSF fees," Varsha Nair of PennPirg Education Fund said.

PennPirg said it found banks with greater financial oversight charged less per account.
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