Behold, the 17,000% overdraft charge

http://www.marketwatch.com/story/behold-the-17000-overdraft-charge-2014-07-31

Most debit card overdraft fees are on purchases of $24 or less

“Overdraft fees should not be gotchas when people are using debit cards,” CFPB director Richard Cordray said in a conference call. “If a consumer were to get a loan on those terms, it would equate to an APR of 17,000%.”

 In a separate study released last year, overdraft services now represent over 60% of fees from consumer checking accounts. 

“Since most overdraft fees get levied on smaller purchases it would seem to indicate that banks continue the unscrupulous practice of ordering paper checks and online debit transactions from largest to smallest when they can before processing,”