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  • 18 May 2022
  • Research & Ideas

Are Banks the ‘Bad Guys’? Overdraft Fees Are Crushing Low-Income Customers

shows. Despite scrutiny of overdraft fees during the financial crisis more than a decade ago, some banks still reorder checking account debits so that the largest amounts, rather than the earliest debits posted, are withdrawn first.... View Details
Keywords: by Rachel Layne; Financial Services
  • Forthcoming
  • Article

In the Red: Overdrafts, Payday Lending and the Underbanked

By: Marco Di Maggio, Angela Ma and Emily Williams
The reordering of transactions from “high-to-low” is a controversial bank practice thought to maximize fees paid by low-income customers on overdrawn accounts. We exploit multiple class-action lawsuits resulting in mandatory changes to this practice, coupled with... View Details
Keywords: Overdraft; Payday Loans; Excessive Fees; Underbanked; Underserved; Income; Personal Finance; Borrowing and Debt; Banks and Banking
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  • 08 Feb 2021
  • Working Paper Summaries

In the Red: Overdrafts, Payday Lending, and the Underbanked

Keywords: by Marco Di Maggio, Angela Ma, and Emily Williams; Financial Services
  • February 2009
  • Background Note

An Introduction to Consumer Credit

By: Peter Tufano
This note reviews a variety of shorter-term consumer credit products in the U.S. with an emphasis on the types of products that low- and moderate-income consumers use. Included here are the following: credit cards, bank overdraft products, payday lending, personal... View Details
Keywords: Credit; Financing and Loans; Personal Finance; United States
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  • April 2012
  • Article

Bouncing Out of the Banking System: An Empirical Analysis of Involuntary Bank Account Closures

By: Dennis Campbell, F. Asis Martinez-Jerez and Peter Tufano
Using a new database, we document the factors that relate to the extent of involuntary consumer bank account closure resulting from excessive overdraft activity. Consumers who have accounts involuntarily closed for overdraft activity may have limited or no access to... View Details
Keywords: Mathematical Methods; Customers; Social Issues; Outcome or Result; Budgets and Budgeting; Forecasting and Prediction; Competition; Banks and Banking; Policy; Personal Characteristics; Credit; Employment; United States
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  • 18 Oct 2011
  • First Look

First Look: October 18

Campbell, Asís Martínez Jerez, and Peter Tufano Publication:Journal of Banking and Finance (forthcoming) Abstract Using a new database, we document the factors that relate to the extent of involuntary consumer bank account closure resulting from excessive View Details
Keywords: Sean Silverthorne
  • July 2007 (Revised May 2008)
  • Case

Central Bank: The ChexSystemsSM QualiFile® Decision

By: Dennis Campbell, Francisco de Asis Martinez-Jerez, Peter Tufano and Emily McClintock
The "Central Bank" series analyzes the use of information and product design for managing the counterparty risk of newly acquired customers. Central Bank, a mid-sized regional U.S. bank, was attempting to grow its customer base by increasing the number of new checking... View Details
Keywords: Central Banking; Knowledge Management; Customer Satisfaction; Risk Management; Risk and Uncertainty; Decision Making; Banking Industry; United States
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  • 2021
  • Working Paper

Friends and Family Money: P2P Transfers and Financially Fragile Consumers

By: Tetyana Balyuk and Emily Williams
We assess the impact that real time money transfer technology has on consumer outcomes, particularly during periods of financial fragility. We do this by developing a new data set that documents use of Zelle—the most widely used P2P money transfer technology in the... View Details
Keywords: P2P Money Transfers; Real Time Payments; Fintech; Finance; Information Technology; Personal Finance; Financial Condition
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  • 12 Sep 2023
  • Research & Ideas

How Can Financial Advisors Thrive in Shifting Markets? Diversify, Diversify, Diversify

clients by offering information sessions, teaching them financial principles and such has a much bigger effect” in terms of growth rates, Di Maggio says. You Might Also Like: Buy Now, Pay Later: How Retail's Hot Feature Hurts Low-Income Shoppers Are Banks the ‘Bad... View Details
Keywords: by Ben Rand; Financial Services
  • 17 Aug 2023
  • Research & Ideas

‘Not a Bunch of Weirdos’: Why Mainstream Investors Buy Crypto

wild ride. That is, until now. A new study by Harvard Business School professor Marco Di Maggio shows that on average, cryptocurrency investors have higher household incomes, live in wealthier and more educated ZIP codes, like to gamble, frequently use credit cards,... View Details
Keywords: by Ben Rand
  • 21 Nov 2022
  • Research & Ideas

Buy Now, Pay Later: How Retail's Hot Feature Hurts Low-Income Shoppers

inflation-charged holiday season approaches and threat of a recession looms, the research invites caution. While these new payment methods might seem like a tempting way to afford gifts, they can lead to a trap of overdraft and... View Details
Keywords: by Rachel Layne; Retail; Financial Services; Technology
  • 18 Jul 2022
  • Research & Ideas

After the 'Crypto Crash,' What's Next for Digital Currencies?

non-fungible tokens. This article originally appeared in the Harvard Gazette. You Might Also Like: Are Banks the ‘Bad Guys’? Overdraft Fees Are Crushing Low-Income Customers Why Companies Raise Their Prices: Because They Can The Popular... View Details
Keywords: by Christina Pazzanese, Harvard Gazette; Financial Services; Technology
  • 24 Sep 2024
  • Research & Ideas

Why Small Businesses Deserve More Credit

these firms.” You Might Also Like: Reading the Financial Crisis Warning Signs: Credit Markets and the 'Red-Zone' What Does the Failure of Silicon Valley Bank Say About the State of Finance? Are Banks the ‘Bad Guys’? Overdraft Fees Are... View Details
Keywords: by Rachel Layne; Financial Services; Banking
  • 22 Aug 2024
  • Research & Ideas

Reading the Financial Crisis Warning Signs: Credit Markets and the 'Red-Zone'

Pandemic Stimulus Funds Spur the Rise of 'Meme Stocks'? What Does the Failure of Silicon Valley Bank Say About the State of Finance? Are Banks the ‘Bad Guys’? Overdraft Fees Are Crushing Low-Income Customers Feedback or ideas to share?... View Details
Keywords: by Rachel Layne; Banking
  • 23 Oct 2007
  • First Look

First Look: October 23, 2007

number of overdrafts and, ultimately, customer defaults. The first case, "Central Bank: The ChexSystems(SM) QualiFile(R) Decision," analyzes how QualiFile, a debit-scoring product commercialized by ChexSystems, can be used to... View Details
Keywords: Sean Silverthorne
  • 19 May 2009
  • First Look

First Look: May 19, 2009

credit products in the U.S. with an emphasis on the types of products that low—and moderate—income consumers use. Included here are the following: credit cards, bank overdraft products, payday lending, personal loans and peer-to-peer... View Details
Keywords: Martha Lagace

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