Agency to watch bank fees

The fat fees big banks charge when you bounce a check are being investigated by the government's newly created Consumer Watchdog Agency.

It could lead to new regulations, and possibly lawsuits, if the banks are found to be violating consumer protection laws. The fees, which have sprung up in the last 15 years, generate tens of billions in profits for banks. They average between $30 and $35 per bounced check. Banks market overdraft protection, which can also mean a fee for each check covered.