“Don’t do people favors without asking them.”
Frank, quoted in a Washington Post story, is addressing debit card overdraft protection, which most banks include automatically on customer accounts. With such “protection,” customers are charged fees of around $35 each time they use their debit cards when they don’t have sufficient funds.
Frank recommends that it be mandatory such programs be “opt-in,” rather than allow banks to automatically include them on customer accounts.
Read more:
New Debit Card Overdraft Law Would Change the Game Entirely
80% of Debit Card Holders Don’t Want “Protection”
So Banks Really Want to Help Customers? Here’s What They Should Do