![]() ![]() It’s not ‘junk fees’ that are causing Americans the most damage-it’s inflation, interest rates, and a weak economy. How consumers deal with liquidity issues Source: Cornerstone Advisors The Real Culprit and the Wrong Response What do Americans do when faced with this liquidity issue? They turn to a wide variety of tactics including borrowing from friends and family, incurring late fees by not paying their bills, taking out payday loans, applying for short-term loans, and even selling their possessions at pawn shops. The reasons for this are numerous-including unforeseen large expenses, unexpected income shortfalls, excessive spending, and unemployment. In 2021, 70% of Gen Zers and two-thirds of Millennials spent more money than they had in their checking accounts at least once, and a quarter of both generations did so three or more times. Reducing, or even eliminating, overdraft and NSF fees won’t solve the real problem that Americans are struggling with: cash flow. Attacking ‘Junk Fees’ Doesn’t Address the Real Problem Listening to the White House, however, you would think that all Americans are railing against these fees. Four in 10 Americans believe the NSF and overdraft fees their banks charge are fair, but a third say they don’t know or they’re not sure. That’s not to say, however, that the rest think they are fair. Just 27% of consumers believe NSF (non-sufficient funds) fees-which are charged when the bank doesn’t pay an item for the customer-and overdraft fees, which are paid when the bank does pay an item for the customer, aren’t fair. Retrieved 7 October 2019.Fairness of banking fees Source: Cornerstone Advisors ^ "Official Singles Downloads Chart Top 100".^ "Official Scottish Singles Sales Chart Top 100".^ "Official Video Streaming Chart Top 100".^ "Cher Lloyd: Ecco il video ufficiale di None Of My Business!"."This week's tracks reviewed: Zara Larsson, Ellie Goulding and Friendly Fires". ^ a b c "Miss Moving On: Cher Lloyd Lands A Solid Hit With 'None Of My Business' ".^ "BPM for Cher Lloyd - None Of My Business on songbpm". ![]() ^ " "None Of My Business clears 500M streams" ". ![]() "Cher Lloyd: 'I'm not on the conveyor belt any more' ".
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