Pew concludes:
Frequent overdrafts are a financial burden, especially because the fees are hidden and unpredictable. Most heavy overdrafters earn less than $50,000 a year, and their overdrafts consume a relatively large proportion of their income. Overdraft fees cause many of these consumers to leave the banking system, forcing them to use cash and alternative financial services, such as check cashers.
Full report is HERE.
I get confused by all those labels that say nothing. I have no idea who "millennials," "baby boomers," " Generation X" and suchlike.
ReplyDeleteIt's a lot easier to simply label them "45-65" etc.
Color me old-fashioned!