Banks make more money on overdraft fees

September 10, 2009 6:00:23 PM PDT
You think credit cards are profitable for banks, you should check out what's going on with debit cards.

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The New York Times reports overdraft fees now are bringing in more money for banks than credit card fees.

Banks are expected to earn $27 billion this year by charging customers fees for overdrawing on their debit or checking account.

The fees can be as much as $35, and sometimes more, on a single purchase. Consumer advocates say exorbitant fees mostly hit those least able to afford them.

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