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Debit card overdraft fees have for many years been a huge source of revenue for banks, says Leslie Parrish, senior researcher for the Center for Responsible Lending, which began publishing studies years ago about debit card overdraft fees. In 2008, Bank of America Corp. reported $8.03 billion in revenue from overdraft and nonsufficient-fund fees, Parrish says. JPMorgan Chase & Co. reported $2.94 billion in overdraft and nonsufficient-fund revenue last year, she says, noting the industry average for overdraft fees is $34. BofA and JPMorgan Chase & Co. outlined their new overdraft polices before Sen. Christopher Dodd, chairman of the Senate Banking Committee, introduced legislation requiring banks to get permission before enrolling customers in overdraft programs. Dodd is scheduled to introduce the legislation today. Rep. Carolyn B. Maloney,( D., N.Y.),  introduced similar legislation in the House in March.

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