Debit cards are expected to account for 60 percent payment processing transactions. But unlike checks where most people record the details of the transactions, most debit-card users don’t’ track their transactions. As a result, debit cards users account for 44% of overdraft fees, while paper checks account for just 27%.

According to the Center for Responsible Lending 50 million Americans overdrew their accounts at least once in a 12-month period, and 27 million incurred five or more overdraft fees.  The average cost of overdraft transactions was $34 for each incidence.  As an interesting statistical aside, did you know Americans spend about the same amount of money on overdraft fees as they do on fresh vegetables?

Smart consumers will record their transactions and know their balances. One of the benefits of the debit card is that spending is automatically tracked. It’s easy to logon to an account get spending details. Investing a few minutes a day to be sure there’s enough cash to cover the purchases is a lot cheaper than absorbing the unnecessary overdraft charges.

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