Overdraw and Pay

By moneygodmother

It’s costly to overdraw your checking account or bounce a check. But banks and credit unions love your little mistake.

In fact, these two bank charges are one of the most profitable sources for almost half of U.S. financial institutions—amounting to almost $40 billion this year.

According to Moebs, the economic research group conducting the study, the national median fee for an overdraft is $26, while larger banks may charge even more.

Do you know what you would pay for overdrawing your account?