Amid consumer outrage and Congressional pressure, banks are beginning to make changes to their overdraft fees. But they aren't about to wean themselves off fees altogether, and that has consumer groups demanding more reforms. "None of the largest banks reduced their overdraft fees, which average $35 per overdraft, or dropped sustained overdraft fees tacked on if consumers cannot repay in just days," noted Jean Ann Fox, Director of Financial Services for the Consumer Federation of America. "For a $100 overdraft repaid in one week at that $35 fee, consumers are paying 1,820 percent APR if computed in the same way as a short-term loan. A single $10 overdraft loan can still cost up to $70 if not repaid in just five days."

Read the full article on the Consumer Affairs website.