The debate is starting to pick up.  From an article in the Iowa Independent: 

A report (pdf) on banking practices prepared by the consulting firm Bretton Woods for the payday lending industry was released Friday, indicating that Iowans pay over $321 million annually in overdraft fees.  That works out to more than $300 per household in the Hawkeye state, which seems high, but it is below the national average.  The Bretton Woods report also claims that banks and credit unions employ strategies to maximize the overdraft fees they charge their customers by reordering debits and withdrawals.

Some quick research indicated that state governments probably don’t have the power to regulate bank overdraft fees — at least not those assessed by big, national banks — in the same ways that they can regulate payday loans, which further complicates things for the state legislature.