Why There's Blame to Go Around on Consumers' Rising Bank Overdrafts
NEW YORK ( TheStreet) -- U.S. consumer bank overdrafts are up, but consumers shouldn't feel they're solely to blame.
Moebs Services, a Lake Bluff, Ill.-based economic research firm, says that the recent increase in overdrafts is tied directly to the Jan. 1 payroll tax hikes engineered by Congress and signed off by the president.
In its latest quarterly study, Moebs says overdrafts rose $200 million from the first quarter to the second quarter of 2013.
On a yearly basis, bank overdrafts remain below last year's levels, standing at $31.3 billion from $32 billion in the fourth quarter of 2012.
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