Bank overdraft fees have become unreasonable and inflict the greatest harm on the poorest Americans. They are predatory practices and the multi-billion dollar banking industry needs to stop thriving on the poor and the struggling.
For many banks, an overdraft of even a few dollars will generate an automatic overdraft fee, some banks charging as much as $35. Should you be unlucky enough to have more than one charge process on the day that you are overdrawn, many banks charge a full overdraft fee for each charge.
Overdraft fees should instead be based on the amount that the account is overdrawn, or at the very least, they should never be greater than the amount of the overdraft itself. It is absurd that five $5 overdrafts could result in $175 in fees. This needs to stop.