Bank Overdraft Fees Are Costing American Consumers $8 Billion
Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Americas+1 212 318 2000 EMEA+44 20 7330 7500 Asia Pacific+65 6212 1000 Brunella Letitia O’Brien was down to about $1.70. It was March and the 62-year-old retired nurse had found herself here before. Months earlier, when she didn’t have enough to cover an electric bill around $300 and a CT scan of her chest that cost her about $100, her account with PNC Financial Services Group Inc. overdrafted, triggering a chain of $36 fees. Now she was worried that an upcoming grocery delivery could put her back in the same dark place. “I’m just laying here worrying,” O’Brien said. “If that hits my bank before I get my next disability check, then I’m in big trouble—again.” Earlier this year, when the Consumer Financial Protection Bureau put out a request for comments about junk fees, part of its push against o