Controlling overdraft fees could be next bill on the horizon


Bank overdraft fees could total $38.5 billion in 2009, and Congress may decide it's time to take action. Several bills are making the rounds in Congress to rein in this growing new revenue stream for banks.

With overdraft fees, banks allow people to overspend and then sock them with fees averaging about $35 per transaction. Since banks clear larger transactions first, account holders can find they have been charged numerous overdraft fees in just one day.