However, there is a considerable difference in overdraft fees between institutions. The Moebs study found median fees varied by nearly $15.
- Bank: $30
- Credit union: $27
- Payday lender: $16
In addition, larger banks and credit unions tend to have higher fees. For example, banks with more than $25 billion in assets had median overdraft fees of $35. Those with assets of less than $100 million had median fees of $25.
Striking a financial balance
It appears consumers are trying hard to get their finances in order. While the low bank card delinquency rate is good news, rising overdraft fees may signal that financial pressure in building elsewhere for consumers.
To keep their financial house in order, bank customers can opt to build a healthy savings account for covering emergencies, and shop around for an institution that offers the best bank rates and the lowest overdraft fees. Doing so may help avoid some of the situations that lead to credit card delinquencies and checking overdrafts in the first place.