The wealthiest people are the banking industry’s best customers, but the poorest customers rank a close second. That’s because many banks charge their customers $195 or more in daily overdraft fees when they spend more than they have in their accounts.
That means that putting $10 of gas in your car could easily cost $45 after accounting for a $35 overdraft fee. If you stop to buy a burger on the way home from the gas station, a $5 value meal could be another $40 ding to your negative balance, and so on. Worse yet, overdraft fees are charged daily, so a negative balance can go deeper and deeper in the red as overdraft fees pile on top.
Overdraft protection, a service which covers negative balances at a lower price, isn’t always available to everyone, and it comes with lower (but still quite high!) fees assessed on every would-be overdraft, in addition to annual fees just for signing up.
Let’s take a look at some of the worst overdraft fee offenders. Here’s a list of the seven banks that can charge their customers $195, or more, in combined overdraft fees every single day.
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