Bank customers are divided nearly down the middle when it comes to opting in to debit card account overdraft protection in accordance with new federal rules, according to data from the American Bankers Association.
Forty-six percent of consumers said they have opted in to their banks' overdraft protection programs, or plan to do so. Another 49% said they did not opt in, and 5% said they were unsure of their decision. The market research firm Ipsos Reid polled 1,010 U.S. adults by phone on Aug. 14 and Aug. 15 on behalf of the trade group. The data was released Tuesday.
Under rules that took effect Aug. 15, banks could offer overdraft protection services to customers, and charge fees to those who used them, only if people had explicitly opted in to such programs.
Banks were required to get new customers' permission for overdraft protection beginning July 1.
The Center for Responsible Lending has estimated that overdraft fees exceeded $23 billion annually.
"These results show that many bank customers value debit card overdraft protection and are willing to pay for the service," Nessa Feddis, an ABA vice president, said in a press release.
