US banks stand to collect a record $38.5bn in fees for customer overdrafts this year, with the bulk of the revenues coming from the most financially stretched consumers amid the deepest recession since the 1930s, according to research. The revenue figure is nearly double that reported in 2000.
The finding could increase public hostility towards the financial sector, which has been under political pressure to ease the burden on consumers by increasing credit avail ability and lending more fairly after being bailed out by taxpayers.
The Federal Reserve is working on rules on overdraft fees and tougher rules on customer charges could be a priority of the Obama administration's proposed consumer protection agency if approved by Congress.
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