Morning news shows are stating that banks expect to make $170 MILLION a MONTH in overdrawn charges starting today.
One thing people are forgetting is that it is ILLEGAL to write a check when the funds are not immediately available. If you write a check to the phone company today and drop it in the mail, but won't have the funds to pay that check until tomorrow, that is technically illegal.
Will banks make more money under the new law? That remains to be seen. What is known is that banks already lose hundreds of millions of dollars each year due to check fraud ($815 million last year). Therefore, even the rosy projection of an additional $170 million in NSF fees is still only a drop in the bucket.