Cost of bank overdrafts rising

June 18, 2008 2:01:00 PM PDT
USA Today reports some major banks are raising penalties for customers who overdraw their accounts. Bank of America and Washington Mutual have increased their overdraft fees.

In some cases, they're also hitting customers with multiple penalties.

According to internal memos obtained by the paper, Wachovia has been urging its employees to avoid issuing refunds for overdraft fees. The bank is trying to make up a good percentage of its revenue.