Overdraft fees have been getting tons of attention lately, including Congressional scrutiny -- and some banks are cutting back. But a new report underscores just how much financial institutions are profiting from the fees and how much they hurt average Americans.

"Banks and credit unions have become so sophisticated in driving up overdrafts that Americans now pay more in overdraft fees every year than they do for books, cereal, or fresh vegetables," said Center for Responsible Lending senior researcher Leslie Parrish. "These billions of dollars drained from consumers each year represent lost opportunities for families to save for a rainy day or buy necessary goods and services that could help spark the economy."

Read the full article on BusinessInsider.com.