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21/09/2010 -
As the economy continues to struggle, consumers are paying more attention to how often they swipe at credit card machines and are overdrawing less, a recent survey finds.According to research from the American Bankers Association, more than three-quarters - 77 percent - of bank customers did not pay a debit card overdraft in the past 12 months through mid-August. Comparatively, only 21 percent reported paying one or more overdraft fee.
Of those who did pay an overdraft fee, 68 percent said they were glad the bank covered the payment. Only 29 percent of respondents said they wished the financial institution had refused the transaction.
"The majority of consumers continue to avoid paying overdraft fees despite current economic conditions," said Nessa Feddis, ABA senior federal counsel and retail banking expert. "This is good news and a sign that most consumers are managing their personal finances well."
Despite the relatively small number of consumers who pay this fee, overdraft charges are a large source of revenue for banks, which they are preparing to lose due to new federal regulations. For example, Wells Fargo has announced that it is expecting to cut down its 2010 revenue by approximately $500 million.
