Overdraft fees: From perk to penalty
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Overdraft fees. Minus bankers and their shareholders, most people probably hate overdraft fees for turning what would've been a $5 purchase into a $35 penalty. In 2019, banks made around $15.5 billion on such fees. But, believe it or not, there was a time when some customers may have considered overdraft fees a good thing.
Today on the show: how did overdraft fees go from a perk for wealthy clients to a widely despised penalty? Chi Chi Wu, an attorney with the National Consumer Law Center says the answer involves consultants, computers, and a boat named "Overdraft."
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