Despite all of the regulatory efforts to inhibit the use of overdrafts (ODP), more than 100 million American consumers (77 percent of more than 130 million checking accounts) have opted in for overdrafts (ODPs) on debit and ATM card transactions, according to Moebs $ervices. Since its peak at $37.1 Billion in 2009, ODP revenue has fallen for six straight quarters, ending at $30.1Billion for the first quarter of 2011.

Like the mythical bird the Phoenix, Moebs says, ODPs are becoming reborn. The economic research firm reported that ODP revenue at the end of the second quarter of 2011 is up over $700 million at both banks and credit unions. Additionally, the average number of overdrafts per household increased during the same period.

“From our study of usage, behavior, and prices of over 2,500 depositories and a million checking accounts, Americans not only want ODPs but are using overdrafts with increased frequency,” said Mike Moebs, CEO and economist of Moebs.