Overdraft Shift Sinking In

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American Banker 
August 27, 2010
Fitzgerald, Kate
P. 6

A July survey of 1,000 U.S. consumers by Mintel Comperemedia indicates that 60 percent knew about the new federal rules implemented on Aug. 15 requiring that consumers opt in to overdraft protection programs, up from 40 percent who were aware in a May poll. Consumers have received information about the new rules from their banks via e-mail, direct mail, and online messages. However, Susan Wolfe, vice president of financial services at Mintel, notes that "when you drill down to see what consumers really understand about their options, most are hazy." In the July survey, 26 percent of respondents said they opted in to overdraft protection programs, 26 percent planned to opt in, and 48 percent had no plans to do so.
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