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August 10, 2009

Banks to Collect a Record $38 Billion in Overdraft Fees
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In other banking news, the Financial Times reports US banks stand to
collect a record $38 billion in fees for customer overdrafts this year.
The bulk of the fees will be paid by the most financially stretched
consumers. At Bank of America, a customer overdrawn by as little as $6
could trigger a $35 penalty. If the customer does not realize they have
a negative balance and continues spending, they could incur that fee as
many as ten times in a single day, for a total of $350.



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