Banks slowly reconsider overdraft fees, amid public pressure

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The banking industry appears to have overdone it on overdraft fees. After decades of raking in billions of dollars from mostly poor Americans short of cash in their accounts, the biggest banks _ under pressure from lawmakers and regulators _ are slowly decreasing their reliance on the widely unpopular practice. A number of large banks have taken steps this year that would reduce the amount they take in from overdraft fees, which they charge when customers make payments or withdrawals in excess of their account balance. Still, it’s unlikely the financial services industry will entirely wean itself off such a cash cow anytime soon.