Bureau Releases Issue Brief on Overdraft Fees and Older Adults
The Bureau has released an issue brief on how overdraft fees impact economically insecure older adults.
The brief comes as part of what the Bureau said is an ongoing effort to encourage financial institutions to reduce or remove overdraft fees.
In the brief, the CFPB noted that older adults incur overdraft fees less often than other age groups, but that economically insecure older adults are affected harder by overdraft fees because “ they are often unable to adjust their carefully managed budgets to pay unexpected fees.”
The brief further suggests older adults are more vulnerable to overdraft fees because of “reliance on Social Security benefits, caregiving responsibilities, the loss of a partner, limited access to financial technology, or cognitive impairment.”
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