DIRS.INFO The most relevant business & tech news

☆ Americans were paid an additional $235 billion in interest in 2023, thanks to the Fed
▼ + stars: | 2024-05-01 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +7 min

High-yield savings accountsThe average interest rate on regular bank savings accounts is roughly 0.5% but can run as low as 0.01% at the biggest banks. By contrast, the average on high-yield savings accounts is well over 4%, according to DepositAccounts.com. If you leave it parked in a regular savings account at 0.5%, you’ll get $50 in interest for a year. As with any savings account, banks can lower the rate they offer — also known as the APY — at any time. Money market accounts and money market fundsAlthough money market deposit accounts and money market mutual funds are both generating yields competitive with the best high-yield savings accounts, there are important differences.

Persons: —, It’s, ”, Greg McBride, you’ll, McBride, “, ” McBride, Ben Bakkum, Collin Martin, Martin Organizations: New, New York CNN, Federal Reserve, Federal Deposit Insurance Corporation, FDIC, National Credit Union Share Insurance, Securities Investor Protection Corporation, Treasury, Fed, Schwab Center, Financial Research Locations: New York, Schwab.com, United States

☆ 'It's a good time to lock in,' expert says. What to know to get the best rates on your cash now
▼ + stars: | 2024-04-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Higher interest rates may be here to stay for a while longer, thanks to persistent inflation. That's good news for cash savers, who have the best opportunity to earn returns on their money in 15 years. To secure today's high rates, individuals may turn to CDs, Treasury bills and Treasury Inflation-Protected Securities, or TIPs. Series I bonds — a U.S. government savings bond aimed at providing inflation protection — will pay 4.28% for the next six months, the Treasury Department announced Tuesday. Yet 67% of Americans are earning interest rates below that threshold, according to a recent Bankrate survey.

Persons: What's, Greg McBride, McBride Organizations: Securities, Treasury Department, Finance Locations: U.S

☆ Sorry, America, it's looking like higher interest rates are going to stick around longer
▼ + stars: | 2024-04-30 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

The Federal Reserve is expected to once again hold interest rates steady on Wednesday. Some predictions also do not forecast any interest rate cuts until the second half of the year. AdvertisementIt's probably still not time for the nation's central bank to cut interest rates just yet. AdvertisementGiven that inflation is still above the Fed's 2% target, it's looking like rate cuts might not come until the second half of 2024. "Inflation has continued to run hot and there is no compelling need for the Fed to cut interest rates until they're comfortable with where inflation is headed."

Persons: Powell, —, It's, Julia Pollak, Jerome Powell, Gregory Daco, Greg McBride Organizations: Federal, Service, Fed Locations: Washington

☆ 29% of households have jobs but struggle to cover basic needs: They are 'one emergency from poverty,' one expert says
▼ + stars: | 2024-04-29 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

Stubborn inflation has driven many households near the breaking point, but the pain of high prices has not been shared equally. By most measures, low-income households have been hardest hit, experts say. The Federal Reserve responded with a series of interest rate hikes that took its benchmark rate to its highest level in more than 22 years. The spike in interest rates caused most consumer borrowing costs to skyrocket, putting many households under pressure. Inflation continues to prove stickier than expected, dashing hopes that the Fed will be able to cut interest rates anytime soon.

Persons: ALICE, Brett House, Greg McBride, we've, Jerome Powell, Hoopes Organizations: Columbia Business School, Federal, Labor Department's Bureau of Labor Statistics

☆ Big banks are touting sweet CD yields in excess of 5%. Where you can find them
▼ + stars: | 2024-04-22 | by ( Michelle Fox | ) www.cnbc.com time to read: +4 min

"From our experience, the brokered CD market is more competitive," said Richard Carter, vice president of fixed income products and services at Fidelity. Like traditional CDs, brokered CDs are offered in different maturities. For instance, JPMorgan's one-year CD, with its 5.4% yield, can be called as early as Oct. 30, according to Fidelity's website. With a brokered CD, you'll have to sell it on the secondary market — and you may lose some of your principal. Depending on your time frame, you may consider a one-year ladder with CD maturities three months apart, a two-year ladder with CD maturities six months apart, or a five-year ladder, with maturities one year apart, he said.

Persons: Goldman Sachs, Morgan Stanley, Schwab, Richard Carter, Carter, you'll, there's, Morgan, Greg McBride, It's, McBride, staggers maturities Organizations: JPMorgan, Fidelity Investments, Bank of America, Fidelity, Vanguard, Federal Deposit Insurance Corp, Morgan Stanley Private Bank and Bank of America Locations: U.S

☆ Walton Goggins on His Best Movie & TV Roles: 'the Shield,' 'Django Unchained'
▼ + stars: | 2024-04-13 | by ( Jason Guerrasio | ) www.businessinsider.com time to read: +9 min

In his newest role, Goggins is a lot more than "That Guy." It's the kind of role Goggins excels at playing: a complex character who makes the audience question if they can — or should — root for him. "I didn't pick this lane; I think this lane picked me," Goggins told Business Insider when asked if he seeks out morally ambiguous roles. On showing up to LA with only $300 and almost getting fired from 'The Shield'(L-R) Walton Goggins and Robert Duvall in "The Apostle." And I love to see other people's work; I'm not threatened by that at all.

Persons: Walton Goggins, Guy, Robert Duvall's, Goggins, Shane Vendrell, Danny McBride, Quentin Tarantino, Django, he's, who's, Danny McBride's, Steven Spielberg, Quentin Tarantino's, Robert Duvall, I've, Duvall, Shawn Ryan, Spielberg, Tarantino's, Billy Freeman, Ryan Green, Jody Hill, David Gordon Green, David, It's, Shane, Jason Sudeikis, Jason, I'm, Steven Spielberg's, Steven, Quentin Organizations: FX, Business, Walton, HBO, Weinstein Locations: Hollywood, Beverly Hills, LA, Beverly, Georgia, Los Angeles, HBO's

☆ New data shows inflation is still high. Here's how to measure how that affects you
▼ + stars: | 2024-04-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

That may not be a surprise to consumers who are still feeling the weight of higher prices. Inflation — as measured by the consumer price index — rose 3.5% from a year ago and 0.4% for the month. The consumer price index, or CPI, tracks the average changes in prices over time for consumer certain goods and services. Consequently, if your wages haven't increased by that much over the same period, you're more likely to feel the pinch of higher prices. About 60% of households are living paycheck to paycheck, McBride said.

Persons: Kazuhiro Nogi, Brett House, Eugenio Aleman, Raymond James, Aleman, Greg McBride, McBride Organizations: Afp, Getty Images, Columbia Business School, Consumers, Bankrate Locations: Tokyo

☆ Cost of gas and housing pushed up US inflation in March
▼ + stars: | 2024-04-10 | by ( Alicia Wallace | ) edition.cnn.com time to read: +2 min

Gas and shelter costs contributed more than half of that monthly increase, according to the BLS. Economists were expecting a 0.3% monthly increase and an annual rate of 3.4%, according to FactSet consensus estimates. The Fed has been wanting to see meaningful progress on inflation before it starts cutting rates. Excluding gas and food prices, categories that tend to be more volatile, core inflation rose 0.4% from the month before, bringing the annual rate to 3.8%, the same as February’s reading. Economists had anticipated a 0.3% monthly gain and for the annual rate to inch lower to 3.7%, according to FactSet.

Persons: ” Greg McBride, Bankrate, Economists Organizations: CNN, Federal Reserve, Bureau of Labor Statistics, BLS

☆ Robert Downey Jr. was so committed to method acting as the method actor Kirk Lazarus in 'Tropic Thunder' that he even peed in character, his co-star said
▼ + stars: | 2024-04-04 | by ( Ayomikun Adekaiyero | ) www.businessinsider.com time to read: +3 min

Read previewRobert Downey Jr. was so committed to method acting his part as the method actor Kirk Lazarus in "Tropic Thunder'" that he went to the toilet in character, according to his costar Danny McBride. Downey Jr. wore blackface for this role, a decision that has been criticized in recent years because of its racist history. McBride said he heard Downey Jr. saying in character: "I'm gonna go drain the snake." In 2009, Downey Jr. received a supporting actor Oscar nomination for his performance in "Tropic Thunder." AdvertisementRobert Downey Jr. has defended wearing blackface in 'Tropic Thunder'Jack Black, Robert Downey Jr. and Ben Stiller in "Tropic Thunder."

Persons: —, Robert Downey Jr, Kirk Lazarus, Danny McBride, Downey Jr, Downey, McBride, Jack Black, Ben Stiller, Tom Cruise, Oscar, Rob Lowe, Stiller, Lazarus, Joe Rogan Organizations: Service, Business, Office, DreamWorks Pictures, Paramount Pictures Locations: Australian

☆ His Novel Sold a Million Copies. James McBride Isn’t Sure How He Feels About That.
▼ + stars: | 2024-03-23 | by ( Elizabeth A. Harris | ) www.nytimes.com time to read: +1 min

When people ask the author James McBride what he does for work, he tells them he’s a saxophone player. But McBride, 66, makes his living as an author — and right now, that living is very good. His latest novel, “The Heaven & Earth Grocery Store,” which follows the Black and Jewish residents of a Pennsylvania town in the early 20th century, hit a milestone: Since its release last summer, it has sold more than a million copies. His novel “The Good Lord Bird” won the National Book Award. Eventually, it sold more than 2 million copies.

Persons: James McBride, he’s, McBride, —, Bird ”, “ Deacon King Kong ”, Ruth Organizations: New York Times Locations: Brooklyn, New Jersey, Pennsylvania

☆ The Federal Reserve may not cut interest rates just yet, here's what that means for your money
▼ + stars: | 2024-03-18 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

"Interest rates took the elevator going up; they are going to take the stairs coming down," he said. Annual percentage rates will start to come down when the Fed cuts rates but even then, they will only ease off extremely high levels. "The reality of it is, a lot of borrowers are paying double-digit interest rates on those right now," McBride said. Federal student loansFederal student loan rates are also fixed, so most borrowers aren't immediately affected by the Fed's moves. But undergraduate students who take out new direct federal student loans are now paying 5.50% — up from 4.99% in the 2022-23 academic year and 3.73% in 2021-22.

Persons: Chris Wattie, Greg McBride, McBride, Sam Khater, Freddie Mac's, that's, Ivan Drury, Edmunds, Drury Organizations: Reuters, Treasury, Fed Locations: Edmunds

☆ Premarket stocks: The rent is too damn high. It’s keeping interest rates elevated, too
▼ + stars: | 2024-03-12 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

In short, the rent is too damn high — and it’s keeping inflation and interest rates elevated alongside it. We’ll see if they’re right on Tuesday morning when February’s CPI data is due out. “Shelter inflation has been a big focal point for the market,” they wrote in a note on Monday. “We remain confident that [rent prices] will flatline in 2024, rather than fall,” Capital Economics analyst Thomas Ryan wrote in a recent note. That means a current deceleration in rent prices won’t be fully factored into inflation data until February 2025.

Persons: Greg McBride, ”, Jerome Powell, “ It’s, Powell, aren’t, “, Thomas Ryan, Ritti Singh, Singh, won’t, isn’t, Goldman Sachs, Clare Duffy, Reddit, it’s, That’s, Matt Egan, Joe Biden, Bespoke’s Paul Hickey, ” Hickey Organizations: CNN Business, Bell, New York CNN, Federal Reserve, CPI, Bank of America, ” Capital, Housing Justice, Fed, Dallas Fed, AAA, Federal, Investment Locations: New York

☆ Jill Biden puts Donald Trump on notice as her campaign role comes into focus
▼ + stars: | 2024-03-02 | by ( Arlette Saenz | Betsy Klein | ) edition.cnn.com time to read: +13 min

Washington, DC CNN —First lady Dr. Jill Biden isn’t holding back as her role in her husband’s reelection campaign comes into sharper focus. The first lady is juggling her campaign work with her official role and her full-time teaching job at Northern Virginia Community College. She’s going to go to a variety of areas in this country,” a source familiar with the planning said. Biden campaign advisers believe the first lady’s appeal has far reach – particularly with women and grassroots supporters and in moderate parts of the country. “Here’s the thing about men like Donald Trump - they underestimate our power because they don’t understand it,” she said in Atlanta.

Persons: Jill Biden isn’t, Donald Trump, “ I’ve, Joe, “, Roe, Wade, ”, Harris, “ Donald Trump, she’s, Biden Jill Biden, “ She’s, Biden, ” Biden, Julie Chavez Rodriguez, SSRS, Harris ”, “ We’re, We’re, Dr . Biden, ” She’s, Trump Jill, Katie Rogers, Rogers, Trump, Hillary Clinton, Joe Biden, Kamala Harris, Jill Biden, “ Trump, Robert Hur, Beau Biden, Anita McBride, Laura Bush, Court’s Dobbs, Kate Cox, “ We’ve, “ It’s, ” McBride Organizations: DC CNN, Biden, Harris ”, Trump, CNN, White, Northern Virginia Community College, Paris, Democratic, –, Super, Democratic Party, Arizona, Republican, what’s, Atlanta, Wine Locations: Washington, Atlanta, Georgia, Arizona , Nevada, Wisconsin, Italy, Israel, Tucson , Arizona, Houston, Texas

☆ Credit card interest rates are at record highs. Cards have 'never been this expensive,’ CFPB says
▼ + stars: | 2024-02-23 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

The share of consumers with "subprime" credit scores who hold a credit card has been "relatively stable," they said. Major credit card issuers got $25 billion in extra interest by raising their average APR margin over the last 10 years, the CFPB estimated. "Higher APR margins have allowed credit card companies to generate returns that are significantly higher than other bank activities." They're among the nation's biggest credit card issuers. How to manage credit card interest

Persons: Martinez, Seikel, Lindsey Johnson, Greg McBride, McBride, That's Organizations: Bank, Getty, Consumer Bankers Association, CBA, Federal Reserve Bank of New, Financial, Discover Financial Locations: Federal Reserve Bank of New York

☆ Marissa Meyer Writes the Books She’d Like to Read
▼ + stars: | 2024-02-08 | by ( ) www.nytimes.com time to read: +1 min

For family bedtime reading, we just started “Julie of the Wolves” by Jean Craighead George. Mostly I try to write books that I would enjoy reading myself. But more than a decade into this career, I would still rather spend my time writing than doing just about anything else. It has a lot to do with perspective, which is something we can cultivate if we’re intentional about it. Piecing together a bunch of random scenes until they become one coherent story, like building a complicated jigsaw puzzle.

Persons: Lish McBride, John Holt, Pat Farenga, “ Julie, Jean Craighead George, Teen Marissa Organizations: Wolves

NEW YORK (AP) — Novels by James McBride and Alice McDermott and a short story collection by Jamel Brinkley are among the 10 books on the longlist for one of the literary world's top prizes, the PEN/Faulkner award for fiction. The settings for nominated books range from a 1930s Pennsylvania community in McBride's “The Heaven & Earth Grocery Store” to 1960s Saigon in McDermott's “Absolution.” The list also includes, Brinkley's “Witness,” Catherine Lacey's “Biography of X,” Emma Cline's “The Guest,” Daniel Clowes' “Monica” and Claire Jiménez's “What Happened to Ruthy Ramirez.”The other nominees are Henry Hoke's “Open Throat," Nishanth Injam's “The Best Possible Experience" and Colin Winnette's “Users.”"This year’s list is a powerful reminder that American literature matters more than ever,” awards committee chair Louis Bayard said in a statement Tuesday. “We are delighted to celebrate these gifted authors and the multivarious worlds they have brought to life.”The list will be pared to five finalists next month, with the winner to be announced in April. Previous PEN/Faulkner winners include Philip Roth, Ann Patchett and Imbolo Mbue,Photos You Should See View All 45 Images

Persons: James McBride, Alice McDermott, Jamel Brinkley, Faulkner, Brinkley's, ” Catherine Lacey's “, Emma Cline's “, ” Daniel Clowes, Monica ”, Claire Jiménez's, Ruthy Ramirez, ”, Henry Hoke's, Colin Winnette's “, Louis Bayard, “, Philip Roth, Ann Patchett, Imbolo Organizations: PEN Locations: Pennsylvania, McBride's, Saigon, McDermott's

☆ We called our son by his middle name so that he wouldn't be teased. But he came to love his unusual first name.
▼ + stars: | 2024-02-04 | by ( Elise Seyfried | ) www.businessinsider.com time to read: +4 min

We gave my son an unusual first name and a common second name. After that experience, I swore I would never saddle my own kids with unusual names. He was called Alex by everyone for many years. When he returned home, he announced that he would rather not be called Alex anymore. He has fully embraced his first name for more than 20 years now, and we tend to forget he was ever called Alex.

Persons: Alex, Sheridan, —, Elise McBride, Elise, Elsie . Alas, Borden, Elsie, Sheridan —, we'd, Alexander, Sheridan Seyfried, Alex didn't, Alex Sheridan Organizations: Service, Irish Locations: Europe

NEW YORK (AP) — Jalen Brunson scored 40 points and shook off an apparent eye injury to make the go-ahead basket with 1:46 remaining as the New York Knicks beat the Indiana Pacers 109-105 on Thursday night for their ninth straight victory. Hours after being voted an All-Star for the first time in his career, Brunson scored 11 in the fourth quarter to rally the Knicks in a game they trailed by 15 points. The Knicks, playing without injured starting forwards Julius Randle and OG Anunoby, were coming off a 14-2 January. Photos You Should See View All 45 ImagesRandle will be out through the All-Star break with his dislocated right shoulder, while Anunoby missed his third straight game with right elbow inflammation. Bennedict Mathurin missed his second straight game with a sprained toe for Indiana, which lost its second straight after a three-game winning streak.

Persons: — Jalen Brunson, Brunson, Andrew Nembhard, Jalen Smith, Donte DiVincenzo, DiVincenzo, Deuce McBride, Isaiah Hartenstein, Achiuwa, Julius Randle, Randle, Anunoby, Quentin Grimes, Smith, Pascal Siakam, Obi Toppin, McBride, Hartenstein, Bennedict Mathurin, ___ Organizations: New York Knicks, Indiana Pacers, Knicks, Pacers, Indiana, UP NEXT, Sacramento, Friday, Los Angeles Lakers Locations: Obi Toppin . Indiana, New York

☆ Federal Reserve holds interest rates steady, sets the stage for cuts. What that means for your money
▼ + stars: | 2024-01-31 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

Greg McBride chief financial analyst at Bankrate"Below the surface, 60% of households are living paycheck to paycheck," McBride said. Now, with rate cuts on the horizon, consumers will see some of their borrowing costs come down as well, although deposit rates will also follow suit. From credit cards and mortgage rates to auto loans and savings accounts, here's a look at where those rates could go in the year ahead. Going forward, annual percentage rates will start to come down when the Fed cuts rates but even then, they will only ease off extremely high levels. Mortgage ratesDue to higher mortgage rates, 2023 was the least affordable homebuying year in at least 11 years, according to a report from real estate company Redfin.

Persons: Greg McBride, McBride, Doug Duncan, Fannie Mae, It's, Jessica Caldwell, Edmunds Organizations: Treasury, Fed Locations: Edmunds

☆ Where to lock down high interest rates for your savings
▼ + stars: | 2024-01-31 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

High-yield online savings accountsThe average annual percentage yield on bank savings accounts was just 0.57% on January 30, according to a Bankrate survey. But many online FDIC-insured banks are still offering 5% or more on their high-yield savings accounts. As with any bank savings rate, high-yield savings account rates can change overnight, and the bank may not alert you when it lowers it. But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low-risk debt instruments. Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC.

Persons: Doug Ornstein, Schwab, “, ”, Greg McBride, Ken Tumin, you’d, Tumin, Wells Fargo, Andy Smith, Ornstein, doesn’t, ” Smith Organizations: New York CNN, Federal Reserve, JPMorgan Chase, Bank of America, TIAA Wealth Management, FDIC, Securities Investor Protection Corp, Fidelity, DepositAccounts.com, Treasury, Edelman, AAA Locations: New York, United States

☆ Americans are getting closer to an interest rate cut — but it probably won't happen in the Fed's next big decision
▼ + stars: | 2024-01-30 | by ( Ayelet Sheffey | Madison Hoff | ) www.businessinsider.com time to read: +5 min

Read previewThe nation's central bank is gearing up to make its first big decision of 2024 — and while it likely won't be the interest rate cut many Americans are hoping for, it's set to bring them closer to that relief. The Fed hinted at how many interest rate cuts Americans can expect this year in its December Summary of Economic Projections. New labor market data out this Friday will show how employment looked at the start of 2024, and some labor market experts already think 2024 will see a cooler job market . That continuing strength in the labor market does represent a slowdown from the hot post-pandemic recovery in 2022. "The Fed has already signaled its willingness to cut rates, and the market has responded accordingly," the lawmakers wrote.

Persons: —, it's, Jerome Powell, Powell, Nick Bunker, would've, Greg McBride, David Kelly, Kelly, Elizabeth Warren, John Hickenlooper, Jacky Rosen, Sheldon Whitehouse Organizations: Service, Business, Federal, Federal Reserve, Spelman College, Labor Statistics, Fed, North America, Morgan Asset Management, Democratic Locations: Sens

☆ How interest rates have changed over the last 12 months for mortgages, car loans, credit cards and more
▼ + stars: | 2024-01-30 | by ( Gabriel Cortés | ) www.cnbc.com time to read: +5 min

"Interest rates took the elevator going up; they're going to take the stairs coming down," McBride said. As the Fed goes into its first Federal Open Market Committee meeting of 2024, here's what that elevator ride up has looked like over the last 12 months in five major consumer categories: credit cards, savings accounts, certificates of deposit, auto loans and mortgages. Credit cardsNowhere has that express rate elevator been more obvious than with credit cards. Even as the Fed slowed the pace of increases over the last 12 months, the average APR for credit cards rose more than a full percentage point. He cautions, however, that buying a car is still a major expense, regardless of what interest rates are.

Persons: Greg McBride, McBride, they've, " McBride, They've, you've Organizations: U.S . Federal Reserve, Federal Reserve, Finance Locations: U.S

☆ Florida anger management therapist accused of murdering a homeless man after a dispute, say police
▼ + stars: | 2024-01-27 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +3 min

Travis McBride, 46, is accused of fatally shooting homeless man Clinton Dorsey. The victim's body was found stashed in the trunk McBride's car, the state attorney office said. AdvertisementTravis McBride, a 46-year-old therapist specializing in anger management, was charged with alleged first-degree premeditated murder and tampering with physical evidence, NBC News reports. Authorities in DeLand, Florida, took McBride into custody on Thursday in connection with the death of 51-year-old homeless man Clinton Dorsey. "The defendant is accused of shooting a man multiple times off of Frankfort Avenue in DeLand on January 17, 2024.

Persons: Travis McBride, Clinton Dorsey, —, McBride, Dorsey, McBride's, R.J Organizations: Service, NBC, Authorities, DeLand Police, DeLand Police Department, NBC News, State Attorney, Judicial Circuit, Police, Mental Health, Business Locations: Florida, DeLand , Florida, Volusia County, DeLand, Frankfort

She is one of this year's winners of an Andrew Carnegie Medal for Excellence, presented by the American Library Association. The fiction medal was awarded to Amanda Peters for her novel “The Berry Pickers,” a multi-generational story centered around the disappearance of a young Mi’kmaq girl from a blueberry field in Maine. “Amanda Peters’ stunning prose and evocative narrative enraptured us with the grief and longing of her characters. “I was 16 and sitting in the library and it changed the trajectory of my reading career," said Peters, who read the book at home. The Carnegie Medals were established in 2012 with the help of a grant from Carnegie Corporation of New York.

Persons: Roxanna Asgarian, ”, Andrew Carnegie, Roald Dahl's, Asgarian, Hart, Amanda Peters, “ Amanda Peters, Christina Wong’s, Daniel Innes ’, Jake Bittle’s “, Darrin Bell’s “, Peters, John Steinbeck's, “, ” Peters, ” Asgarian, Jennifer Egan, James McBride, Bryan Stevenson Organizations: —, Las Vegas, American Library Association, Carnegie, Dalhousie University, Acadia University, New York Public Library, History Research, Town, Carnegie Corporation of New Locations: Las, Dallas, America, Maine, San Diego, United States, Falmouth , Nova Scotia, Wolfville , Nova Scotia, New York City, New York, Carnegie Corporation of New York

NEW YORK (AP) — The squabble over billion of dollars in overdraft fees that Americans get charged every year is intensifying. While banks have drastically cut back on overdraft fees in the past decade, the nation's biggest banks still take in roughly $8 billion in overdraft fees every year, according to data from the CFPB and bank public records. Political Cartoons View All 253 ImagesBanks charge a customer an overdraft fee if their bank account balance falls below zero. What started off as a courtesy offered to some customers, the popularity of debit cards beginning in the 1990s led to Americans wracking up tens of billions of dollars in overdraft fees. While big banks have cut back on overdraft fees, smaller banks have not, and a number of them heavily rely on overdrafts to be profitable, industry analysts said.

Persons: Biden, “ It's, Joe Biden, “, Greg McBride, ”, Aaron Klein, ” Klein, Rohit Chopra, ” Chopra, Chopra, Barack Obama, Carter Dougherty, overdrafts, can’t Organizations: Consumer Financial, Biden Administration, Federal Trade Commission, Bank of America, Banking, Bankrate, Brookings Institution, Armed Forces Bank, Republican, Trump Administration, American Bankers Association, Financial Reform

Search resuls for: "" McBride"

25 mentions found