Installment Loans News Break: Overdraft Fees Revealed in National Survey

CHICAGO—-The three highest-priced markets in the U.S. for average overdraft service fees on consumer checking accounts are Miami, Washington D.C. and Denver, while Florida ranks as the highest-priced state for OD fees, and the South leads as the highest-priced region for consumer OD fees, according to a nationwide survey.

Quoted With Edits From: Disparities in Checking Overdraft Fees by Geography and Size of Financial Institutions Revealed in National Survey (Business Wire via Yahoo! Finance)

A Rose is a Rose is a Rose

A rose is a rose

You may think that all overdraft fees are the same, you may also all installment loans are the same too. However, that doesn’t seem to be the case, and there are several factors that determine how high (or low) your bank’s overdraft fees will be, including the size and location of your bank. The three U.S. cities with the highest overdraft fees are Miami, Washington D.C., and Denver. The South has the highest rates, while the West has the lowest rates.

Bigger isn’t Always Better

Just because you bank at a larger institution doesn’t guarantee that your overdraft fees will be lower. In fact, banks with over $100 million in assets charge, on average, $2-3 more for overdrafts than the banks with less than $100 million in assets. Sounds like if you bank at a smaller, locally-owned bank you’re in for better treatment than with the big banks.

Avoid Overdrafts

Of course, the best solution to the overdraft problem is to avoid overdrawing your account altogether. Then it won’t matter where or with who you bank. A good way to prevent overdrawing your account is to keep a close record of all account activity. If you know there’s a payment you won’t be able to make without going into the red, you should consider taking out installment loans. With installment loans, you can avoid overdraft fees, and you’ll be set up on a convenient, affordable plan to repay the loan.