Millennials are earning a lot less money than their parent’s generation and coupled with a much higher cost of living in major cities in the U.S., young people are having to make an art form out of managing expenditures.
Yet, despite their best efforts one in ten still state that they are forced into overdraft at
Despite the passing of a
To rub salt in the wound, a recent
In response to the Pew Research study the
However, considering the three biggest American banks JPMorgan Chase, Bank of America and Wells Fargo still charge overdraft fees, what new technology is coming that can help us avoid falling into the red, and paying through the nose for it?
There are startups that are looking to expand to the U.S. that aim to reduce debt. Companies have developed wearable technology that gives users a mild "shock" when straying into bad habits; artificial intelligent bots that help consumers save money; and apps that allow consumers to juggle funds between accounts if the consumer is at risk of being overdrawn.
Despite federal legislation and financial watchdogs, America’s three biggest banks alone still made more than $6 billion dollars in overdraft fees last year, accounting for $25 for every adult in the country. It appears that we can’t trust banks themselves to help us keep our accounts out of arrears, so it is time to turn to tech from innovative companies around the globe, to keep us covered from painful and costly surprises.