The Jig Is Up: Banks Get The Message On Overdraft Fees

by Mercator Advisory Group 0

With the new law onoverdraft fees coming into full effect this week, banks are beginning to reportthe outcomes of their efforts to get customers to “opt in” to overdraftcoverage, which includes acknowledgement of

the attendant fees banks can charge for paying items (checks, Debitpurchases, or ATM withdrawals) against insufficient funds.

According to some surveys, only one in fourconsumers has responded to banks’ furious attempts to get permission to keep oncharging. And of those responding, less than one-third are saying yes — thatthey want to pay fees instead of having the transaction rejected, reports the Cleveland Plain Dealer.

If this preliminary reportingis reliable, the banks

will lose a substantial portion of the fee incomeon which many have relied for years.

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