US banks will collect a record $38.5bn in fees for customer overdrafts this year, with the majority of the revenue coming from customers with credit problems, according to new research. The fees are nearly double those reported in 2000. The finding by research company Moebs Services, will add fuel to public outrage about Wall Street banks, which appear to set the rules with impunity despite having triggered the financial crisis.

Americans in financial peril, are the hardest hit by overdraft fees, with 90% of such revenues coming from 10% of the 130m checking accounts in the US. Moebs said regular use of overdrafts is most common among consumers with low credit scores.

Moebs Services said it executed a statistical survey for 2,014 banks, savings institutions and credit unions in the United States between June 12th and June 22nd, 2009. Every institution was called by trained surveyists, audio audited by two trained staff, and reviewed by the survey manager and survey analyst and, to insure accuracy, 48% of the institutions were re-surveyed at least once.

Earlier in June, merchants and pay day lenders were statistically surveyed. Depositories were statistically surveyed on their commercial service offerings following the consumer survey.

Among the significant results were:

• 44.5% of all banks and credit unions have overdraft income greater than net income.
• The national median for overdraft fees increased from $25.00 in 2008 to $26.00 in 2009.
• This is the first time overdraft fees have increased in a recession.
• Higher overdraft fees were led by Wall Street banks, with assets greater than $50bn, charging $33.00 per overdraft.
• The US Postal Service is raising their price for a bad check charge to $35.00, more than the Wall Street banks.
• Wall Street banks overdraft fees are 78.5% of what a Pay Day Lender (such a lender agrees to hold the check until the borrower's next payday) would charge.
• 85.9% of all depositories offering overdrafts allow the consumer to opt out at any time.
• Less than 1 out of 5 depositories pay large items first when processing checks nightly.

“We believe that this is the most comprehensive study of bad-check practices of these companies that has ever been done,” said Mike Moebs, CEO of Moebs Services.“The findings indicate that a few bad checks written at merchants, combined with bank charges, could mean hundreds of dollars in fees for a consumer.”