The Story: With overdraft fees in the spotlight, many large financial institutions are reevaluating a fee-based approach to overdrawn accounts. New data shows that for consumers who opt-in to accounts with built-in overdraft protection, they like the availability of short-term liquidity and control features to help manage their money.
The Takeaway: Consumers clearly want banks to provide financial flexibility – from accounts to advice – that empower them with tools to manage their budgets and provide protection for cashflow issues that may arise. Having knowledgeable, trusted bankers available to consult with consumers is key to matching them with the right banking products to help them plan and grow.
Source: Curinos, “Competition Drives Overdraft Disruption,” December, 2021