New Study on Elderly Abuse by Banks

Banks charged over $1 billion in overdraft fees to elderly consumers dependent on Social Security for most of their income. This is one of the many findings in a report issued this week by the Center for Responsible Lending, relying both on consumer survey data and a database of bank account records. In one case study, an elderly consumer whose only apparent income was a $1,000 Social Security monthly benefit was charged $448 for overdrafts never exceeding $220. Perhaps this helps explain why so many elderly consumers are going bankrupt.