Frustrated with Overdraft Fees? You Are Not Alone

July 1, 2014

A new Report released yesterday by pewtrusts.org shows that customers are still befuddled about overdraft.

 

This is the Pew Charitable Trust’s second report on customer experiences with overdraft.

Some numbers from the study:

  • 52% of overdrafters don’t recall opting into overdraft coverage, but were still charged a fee in the past year

  • 68% of overdrafters would prefer to be declined rather than pay a $35 overdraft fee

  • 80% of overdrafters say overdraft practices and fees should be more closely regulated

  • The average total fee paid by consumers during their last overdraft event was $69

 

To summarize, more than half of those using overdraft protection don’t recall opting into it, and two-thirds of those with overdraft protection would rather be declined than pay the fee. The price of an overdraft event – averaging $69, according to Pew — are high.

 

Is it any wonder why prepaid cards are booming? Prepaid cards will simply be declined if not enough funds are available on them, which is what 68% of those surveyed by Pew would prefer.

 

Icon Business Capital has many funding solutions that work with your cash flow and help eliminate overdrafts, we have options that will only collect payments when you are actually generating income, thus eliminating overdrafts and fees.

 

 

Please reload

Featured Posts

Some big things are happening at Icon, this past month we expanded our operations and opened our Orlando office to help us serve more industries and b...

How Will You Expand?

July 1, 2014

1/5
Please reload

Recent Posts
Please reload

Search By Tags
Please reload

Follow Us
  • Facebook Classic
  • Twitter Classic
  • Google Classic

Icon Business Capital / T 305.501.4060 / F 866.832.3449 / apps@iconbusinesscapital.com / © 2013 Icon Business Capital LLC

  • facebook
  • Twitter Round