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Business News: Overdraft Fees Cost Customers Hundreds

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(CNN) - In Business News this morning, a new government report finds checking account customers are racking up hundreds of dollars in overdraft fees each year.

The Consumer Financial Protection Bureau says on average, overdrawing an account costs customers $225 dollars in fees per year.

Overdraft fees are sparked when a customer overdraws their checking account by making a purchase with their debit card and the bank covers the transaction instead of denying it.

Non-sufficient fund fees kick in when a check or automatic payment overdraws the account.

The CFPB estimates overdraft and non-sufficient fund fees making up 60 percent or more of consumer checking account fee revenue.


(CBS) - Apple unveiled several new products at its worldwide developers conference in San Francisco Monday.

CEO Tim Cook showed off a completely redesigned IOS operating system for the iPhone and iPad at the annual software developer event.

IOS 7 includes a slew of major design changes as well as multi-tasking supports for all Apps.

Cook says it's the biggest change to IOS since the introduction of the iPhone.

The other big announcement was Apple's long-rumored streaming music service iTunes radio.

The tech giant also revealed an update to its Mac operating system.


(CBS) - Law enforcement from San Francisco and New York are holding a smartphone summit this week.


They'll meet with representatives from Apple, Google, Samsung and Microsoft, to urge them to create new technology to permanently and quickly disable stolen smartphones making them worthless if stolen.

Thieves in the U.S. stole phones from an estimated 1.6 million people last year. Most of those were smartphones.
 

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