In a study just released by Bretton Woods, Inc. they have shown that NSF fees charged by banks and credit unions have risen again in 2008 to a startling $28.95 per transaction.  They have also concluded that the average US household with a checking account incurs 12.7 NSF fees per year.

While these findings seem shocking it gets worse.  The average US household pays approximately $368 annualy in NSF fees.  The banks and credit unions show a total of 1.28 billion NSF transactions for the year in 2008 for a grand total of $37 billion in NSF fees.

You can read the whole study at http://bretton-woods.com/452/18901.html

There is no wonder why there is such a big market for payday loans in the United States.  Too many people are living paycheck to paycheck.  We need to get back to the times when families learned how to manage and live on a budget.

With the average payday loan fee being $15 for every $100 borrowed, if these people had taken out a payday loan instead of incurring a NSF fee the country would have saved approximately $19.2 billion in 2008.  I find it interesting that the critics are trying to shut down the payday loan industry when the banks and credit unions cost the nation that much money this year.