Is the charging of overdraft fees by banks on customer ATM, debit and check cards a significant issue?
Yes. The collection of excessive overdraft fees impacts millions of Americans and has become a multibillion-dollar business practice for the banks. In 2007, banks collected more than $17 billion in overdraft fees. That number nearly doubled in 2008, as more and more consumers struggled to maintain positive checking account balances. In 2009, banks are expected to bring in between $27 billion to $38.5 billion in overdraft charges from nearly 50 million customers.
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