Data from the federal government estimates that U.S. banks will collect more than $38 billion in fees this year from consumers who overdraw their checking accounts. Banks will collect billions more from other account penalties, including credit card late fees. Moebs Services, which collected the information, reports that the average overdraft fee has risen to $27.50 this year, up from $25 last year. A 2008 study from the Federal Deposit Insurance Corp. found that insufficient funds and overdraft fees account for 74 percent of consumer bank service charges.

A 2008 study from Bankrate.com showed an increase of 2.5 percent in bounced check fees from the year before, up to nearly $30. Additionally, the average ATM fee has risen to nearly $2, an increase of more than 10 percent in one year. The average amount American consumers have to keep in their checking accounts to avoid paying monthly account fees was also up 4 percent from the year before, to more than $3,400.

With all of these changes, consumers are feeling the pinch and the Federal Reserve is looking at additional regulations. The Center for Economic and Entrepreneurial Literacy (CEEL) reminds consumers that financial forethought can help lessen the sting.

"Economic illiteracy is at the heart of our current economic crisis," said James Bowers, managing director for CEEL. "As banks continue to raise account and overdraft fees, it is more important than ever to read the fine print, create (and stick to) a family budget and learn all the facts before taking on new financial burdens, like opening a credit card account or purchasing a car. Unfortunately, CEEL's recent survey shows that many Americans don't understand basic facts about economics and many don't have the tools to manage their personal finances."

A December 2008 study from CEEL highlights the need for increased education on personal finance and economic issues. The national survey showed that a disturbing number of Americans are unable to answer simple questions about borrowing, interest rates and even basic math. Many respondents also admitted to making poor decisions with their own finances.

Highlights from the survey include:

- 54% of respondents could not identify what a subprime mortgage was.

- 56% of respondents could not identify FICO score as the most important factor in getting a loan.

- 65% of respondents could not identify what would remain if you subtracted 25% from 8. One in three respondents could not identify what 1% of 50,000 was.

- 75% did not know that when in need of short-term emergency cash, bouncing a check costs more than wire transfers, credit card advances, and short-term payday loans.

- Half of respondents have overdrafted their checking account at one time, while a third of respondents have paid a bill late in the past year.

"It is clear that we need to increase personal finance education at all ages so we have better informed employees, borrowers, and voters," continued James Bowers.