Overdraft Protection Opt-In Comes Into Effect
As of yesterday, banks need to ask customers whether they would like to be allowed to overdraw their checking accounts for a fee, usually $35. About 70 percent
Jul 31, 2020214.5K Shares2.9M Views
As of yesterday, banks need to ask customerswhether they would like to be allowed to overdraw their checking accounts for a fee, usually $35. About 70 percent of Americans are expected to do nothing or say no to this overdraft protection, meaning their banks will start rejecting transactions overdrawing their accounts — for free. This is expected to seriously hurt some banks’ bottom lines. Last year, big banks made$38.5 billion in those $35 increments, for transactions that averaged just $17. Before the change took effect, banks mounteda tremendous campaign to enroll customers in overdraft protection programs.
Paolo Reyna
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Paolo Reyna is a writer and storyteller with a wide range of interests. He graduated from New York University with a Bachelor of Arts in Journalism and Media Studies.
Paolo enjoys writing about celebrity culture, gaming, visual arts, and events. He has a keen eye for trends in popular culture and an enthusiasm for exploring new ideas. Paolo's writing aims to inform and entertain while providing fresh perspectives on the topics that interest him most.
In his free time, he loves to travel, watch films, read books, and socialize with friends.
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