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FDIC Report on Overdrafts Blames Debit Cards

WASHINGTON -- A recent report from the FDIC on the frequency and impact of fees on overdrawn checking accounts laid the blame on debit and/or ATM cards for the majority of overdrawn accounts nationwide

By David Morrison | Updated on December 03, 2008

WASHINGTON — A recent report from the FDIC on the frequency and impact of fees on overdrawn checking accounts laid the blame on debit and/or ATM cards for the majority of overdrawn accounts nationwide.

“The FDIC Study of Bank Overdraft Programs” found that 48.8% of all report NSF transactions happened at POS/debit terminals (41%) and the ATM machines (7.8%). By comparison, checks only accounted for 30% of reported overdrafts.

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