Banks have come to rely on fees for a big part of their overall income. But in their efforts to boost profits, big banks have also come under fire for their fee-raising practices.
In the following video, Fool contributor Dan Caplinger takes a look at a recent report from the Consumer Financial Protection Bureau detailing some of the most troubling practices governing checking-account overdraft fees. In particular, Dan discusses one controversial practice that some banks have finally started to change in their customers' favor. Dan concludes with guidance on how you can find out what your bank does with its fee practices and how you can cut the financial hit you take on your accounts.
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The article How Banks Are Getting Rich From Overdraft Fees originally appeared on Fool.com.Fool contributor Dan Caplinger owns warrants on JPMorgan Chase, Wells Fargo, and Bank of America. The Motley Fool recommends Wells Fargo and owns shares of Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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