Customers Still Confused About Overdraft Protection

It’s been nearly two years now since the Federal Reserve required financial institutions to change their overdraft policies on debit card transactions. You must agree to be enrolled in an overdraft protection plan (that covers point-of-sale debit card purchases or ATM transactions) if there’s a fee involved.

This opt-in requirement was supposed to clear up the confusion and prevent unintended overdraft charges. And yet, most bank customers still don’t understand how the system works.