Until two years ago, the nation’s banks could automatically enroll customers in overdraft programs—the result was tens of billions of dollars in overdraft fees. The Federal Reserve finally stepped in, requiring banks to get the customer’s consent before enrolling them. But it should have done more: requiring reasonable, and proportional penalties; and pressing banks to develop ways of alerting debit card users before they overdraw.

Overdraft revenue, estimated to have been as high as $37 billion annually, has dropped by about 15 percent, according to one estimate. The banks are not giving up.

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