Banks and credit unions are charging “abusive” overdraft fees averaging $35 per transaction despite efforts by federal regulators to reform fee practices, according to a report released Tuesday that calls for the fees to be prohibited.
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By the numbers: overdraft fees
$16.7 billion cost of overdraft fees to consumers in 2011, compared to $23.7 billion in 2008 and $10.3 billion in 2004
$35 average overdraft fee for a debit card purchase
$20 average debit card purchase that leads to overdraft charge
36 million Americans in 2011 overdraw their checking account, of which 8 million were charged overdraft fees more than six times a year
SOURCE: Center for Responsible Lending report “High-cost Overdraft Practices”