Banks Raising Overdraft Fees

By: KKCO - Email
By: KKCO - Email

The mortgage crisis and the weak economy are taking a bite out of the banking business. Now some banks are biting back.

A number of banks, including Bank of America and Washington Mutual are raising fees by several dollars for customers who overdraw their accounts.

Banks are also increasing the number of times a day you can be charged an overdraft fee.

The Center for Responsible Lending says banks and credit unions collect about $17.5 billion in overdraft fees every year.

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