Last August, the CFPB released a report on frequent overdrafters that includes the subset of “very frequent” overdrafters, who incur more than 20 overdraft or non-sufficient fund (NSF) notices in a given year. The very frequent overdrafters have a number of things in common, according to the report. Although frequent overdrafters live in neighborhoods with slightly lower median incomes ($54,265) than, say, never overdrafters ($59,832), those differences aren’t as large as you might expect. According to the Justice Department indictment and personal financial disclosure forms, many of these financial characteristics apply to the Hunters. Hunter’s personal bank account balance was $15.02 at the time.

Source: Washington Post August 22, 2018 18:49 UTC