Austin-based Probity Financial Services, a provider of consumer deposit products, has introduced Probity Checking in response to the growing consumer outrage over overdraft fees, that have become standard in the banking industry.

According to a recent FDIC study, overdraft fees represent approximately 74% of the total fees charged annually for consumer checking accounts in the US. These fees are paid by only 25% of consumers who subsidize all other checking account holders.

The Center for Responsible Lending estimates that American consumers pay $17.5 billion annually in overdraft fees.