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Banks to Make Record $38bn From Overdraft Fees

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US banks stand to collect a record $38.5bn in fees for customer overdrafts this year, with the bulk of the revenue coming from the most financially stretched consumers amid the deepest recession since the 1930s, according to research the FT reported.

Here's the deal: In effect, many banks are no longer capping debit card and check transactions at existing balances, choosing instead to allow the transactions to post, thereby creating overdraft fees, or, if we want to be accurate, putting banks indirectly into the short-term payday loan industry.
SOURCE:   Financial Times