Students pay heavy on bank overdrafts
"College students have the burden of big tuition bills, heavy student loan costs and textbook prices that are out of sight. And, it seems, $1 billion in bank-account overdraft fees, too," reports the South Florida Sun-Sentinel. "The Center for Responsible Lending, a nonprofit group, raised an alarm Monday about the burden of bank overdraft charges on students. The report says students on average shell out more than $3 in bank overdraft fees for every $1 they are overdrawn. Students account for about 6 percent of all overdrafts, the center found in its study of thousands of banking transactions. Students tend to use debit cards more often than older adults, and debit cards are the leading cause of overdrafts, the report said. The report was released as the U.S. House Financial Services Committee prepares to take up legislation today, sponsored by Rep. Carolyn Maloney, D-N.Y., that would limit bank overdraft practices. The center's report urged universities not to partner with banks that have what it called 'abusive overdraft policies,' which can jeopardize their students' financial welfare."
You can read the complete September 25, 2007 article on-line.
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