September 26, 2007
Bank overdraft fees hit young adults the hardest
By Matthew L. Brown
As banks hit consumers with higher fees for overdrawing their bank accounts, young adults are being hurt disproportionately, according to research by the Center for Responsible Lending.
Those ages 18 to 24, many of whom are in college, tend to use debit cards more often and to buy smaller-ticket items, making them especially susceptible to overdraft fees, the center said. Overall, 18-to-24-year-olds pay nearly $1 billion in fees each year for overdrafts.
Those ages 18 to 24, many of whom are in college, tend to use debit cards more often and to buy smaller-ticket items, making them especially susceptible to overdraft fees, the center said. Overall, 18-to-24-year-olds pay nearly $1 billion in fees each year for overdrafts.
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