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The Washington Independent

Overdraft Protection Opt-In Comes Into Effect

As of yesterday, banks need to ask customers whether they would like to be allowed to overdraw their checking accounts for a fee, usually $35. About 70 percent

Dexter Cooke
News
Last updated: Jul 31, 2020 | Aug 16, 2010

As of yesterday, banks need to ask customers whether they would like to be allowed to overdraw their checking accounts for a fee, usually $35. About 70 percent of Americans are expected to do nothing or say no to this overdraft protection, meaning their banks will start rejecting transactions overdrawing their accounts — for free. This is expected to seriously hurt some banks’ bottom lines. Last year, big banks made $38.5 billion in those $35 increments, for transactions that averaged just $17. Before the change took effect, banks mounted a tremendous campaign to enroll customers in overdraft protection programs.

Dexter Cooke | He is an orthopedic surgeon who insists that a physician's first priority should be patient care. He specializes in minimally invasive complete knee replacement surgery and laparoscopic procedures that reduce pain and recovery time. He graduated from the Medical University of South Carolina with a medical degree and a postdoctoral fellowship in orthopedic medicine.

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