Do you realize how incredibly easy it is to overdraft? Most people don’t want to overdraft, they would rather have the card decline. But banks don’t make easy money that way, so you have to opt out of automatic overdraft. If regulators made it so that transactions must be automatically declined if there aren’t sufficient funds and someone needs to opt in to being able to overdraft, overdraft fees would go way down.
Do you realize how incredibly easy it is to overdraft? Most people don’t want to overdraft, they would rather have the card decline. But banks don’t make easy money that way, so you have to opt out of automatic overdraft. If regulators made it so that transactions must be automatically declined if there aren’t sufficient funds and someone needs to opt in to being able to overdraft, overdraft fees would go way down.