Banks and credit unions received $30.8 billion in revenues from overdrafts in the first 2 quarters of 2011. Those same institutions received $33.1 billion from overdraft fees in 2010. 2011 promises to be a bumper year!
90% of overdraft fees are paid by the 10% who can least afford to pay them!
The public should practice what they preach before screaming at Washington about over-spending! There is little point in switching from credit card use to using overdraft privileges to fund a lifestyle. If we are to expect Washington to live within its budget, we had better start at home.
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