This banking app is now giving customers a break on overdraft fees. (via CNBCMakeIt)
About 40% of millennials say they were hit with at least one overdraft fee last year, according to a recent survey by Qualtrics of over 1,000 adults ages 23 to 38. But one app wants to change that.is rolling out a "no-fee overdraft" service on Tuesday that will help customers avoid extra fees when their bank account hits $0. Banks typically charge overdraft fees when you use your debit card and your account balance is lower than the amount you're spending.
With Varo's service, customers who make at least five debit card purchases a month and set up direct deposits of at least $1,000 per month will be able to overdraft up $50 without any fees or interest. The average overdraft amount among Americans is about $50,"The vast majority of overdraft fee revenue came from customers who can least afford it," Colin Walsh, CEO of Varo Money, said in a statement.
The fees you pay your bank may seem small, but they can add up over time. Of those who overdrew their bank account last year, 41% admitted to paying more than $100 in fees as a result, according to the survey Qualtrics fielded on behalf of Varo. About 15% reported paying more than $200. Varo, which launched last year, is focused on offering accounts without high fees. Currently, the mobile app has no-fee bank accounts, high-yield savings accounts and personal loans.
Walsh, who has spent his career working at companies such as American Express, Lloyds Bank in London and Wells Fargo, said in an
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