Annoying bank fees will be on the rise, as banks start to increase their overdraft fees. An economic research firm, Moebs Services, estimated the median overdraft fees of banks rising from $27.50 to a new high of $30, making it the largest jump within the past 30 years. Banks had made large profits from high overdraft fees in the past, adding up to an incredible $37.1 billion in 2009. However, since new regulations have been put into place on overdraft fees in 2010, banks have reportedly lost money. Before the regulations, banks could automatically enroll their customers in overdraft protection services which automatically credited a negative account a cash advance, which the customer unknowingly had to pay back. The new regulations forced banks to give their customers the option of enrolling in an overdraft protection plan as opposed to automatically enrolling them. This has caused the banks’ profits to lower, and as a result, banks are increasing their fees in order to make up for lost profit.
