Poor Get Poorer

Talk about rubbing salt in the wound. Earlier this month, the FDIC reported that bank overdraft fees of up to $38 were disproportionately affecting young and low-income consumers. Perhaps that's not too surprising. What is interesting is that nearly half of consumers pay overdraft fees each year. Also found was that large banks are more likely to process transactions from largest to smallest dollar amount, often triggering more fees. Seems like dirty banking tricks. In total, overdraft-related fees bring in $17.5 billion each year to banks and credit unions according to the Center for Responsible Lending.

Be careful this holiday season and watch your bank account, you can be sure the banks are looking for a way to make some money. Click here to read the complete article.