Question: What’s the Average Number of Times a Customer Overdraws Their Checking Account?
Answer: 6.7 (projection for 2015)
From Wall Street Journal:
Most surprising quote in this article about the decline in bank overdraft fees:
“At the end of the day, these people are our customers and we’re treating them with a got-you product,” said PNC Financial Services GroupInc. Chief ExecutiveWilliam Demchak at a May investor conference.
Check out the NGPF Activity on Checking Account Fees
About the Author
Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.