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Overdraft fees typically don t make banks most of their money. But, a report shows that three banks with locations in Missouri collected overdraft revenue that exceeded half their profit in 2020.
Overdraft fees typically make up a small fraction of most banks’ profits. One researcher believes he has uncovered a business model where banks take advantage of little regulation on overdraft fees by using them as a primary source of revenue.
Banks traditionally make most of their money from the interest they collect on loans and investments. But a recent report found that a bank headquartered in Kansas City and its sister institution make most of their profit from overdraft fees.
"It s not about avoidance but rather portfolio construction based on an individual s investment goals or situation," Bill Herrmann, Co-Founder and Managing Partner at Wilshire Phoenix in New York
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The Bitcoin fear and greed index registered "extreme fear" Wednesday—but that could be a buying opportunity for gutsy investors, especially as the timid have sold into a falling market.