Consumer Payment Card News

Bounced Checks

A new survey has found that 20% of Americans paid overdraft fees over the past year. Only about 2% bounced more than 10 checks. The research by Ipsos-Reid for The American Bankers Association also found that 79% of consumers said their bank covered the check or debit payment that caused the overdraft fee, while 19% said their bank did not, and 2% did not know. Of those who did pay an overdraft fee in
the past 12 months, 88% said they were glad the payment was covered while 11% said they wished the bank had refused the payment. Approximately 18.3 million checks “bounced” or were return unpaid in 2003, according to the Federal Reserve. For more information visit: “http://www.aba.com”:http://www.aba.com

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