According to the Center for Financial Services Innovation, a nonprofit research group, "The Consumer Financial Protection Bureau (CFPB) reports that only 8.3% of all checking accounts experience more than ten overdrafts annually. Yet this small subset of most frequent over-drafters represents approximately 75% of all overdraft revenue each year.  In 2016, these consumers spent $24.5 billion on overdraft fees, an amount that constitutes 62% of all spending by underserved consumers on Single Payment Credit products.  Read the entire presentation here.

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This is complete b.s.  It's just wrong.

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Evidence: 

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Eric Wilson and Eva Wolkowitz.  "2017 Financially Underserved Market Size Study."  Center for Financial Services Innovation.  December 2017