Once upon a time, a bank could “cover the difference” when a customer used their debit card to spend beyond their balance… and then simply charge a fee to that customer for the service. With the new bank regulations that took effect in August, customers must now opt-in to receive that service, and 49% of customers say they won’t, according to a recent Ipsos-Reid telephone survey, as reported by Marketing Daily last week. (Click here to see the story.)
Implications: I’m wondering how this sentiment will change over time. If/when customers are turned-away at the cash register a time or two, might they gain new appreciation for the concept/value of overdraft protection?
I opt to think so, but we’ll have to wait and see.
Perhaps the great recession has forced consumers to become so much more financially responsible that they won’t spend when the risk of overdraft is near.
Mike Anderson
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