A number of U.S. banks that cater to U.S. military members generate high fee income, in spite of problems associated overdraft costs and other services.
Some banks charge as much as $30 per transaction for overdrawn accounts, the Wall Street Journal reported on Jan. 16.
This trend has left many servicemen and women facing difficult debt loads. However, the banks in question contend they offer below-market rates to soldiers.
According to the Journal, the U.S. military is investigating claims of predatory lending and may supplement existing regulations with new protections.
To learn more about the high fees generated by banks that cater to military personnel, click here.
“What’s Hot” is aggregated content. PYMNTS.com claims no responsibility for the accuracy of the content published by the original source.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More