Fed: Consumers Must Opt in to Od Privilege
Mississippi Business Journal, The › May 26, 2010
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Summary
With the increasing use of debit cards in recent years, many consumers have avoided the risk and embarrassment of seeing the words "declined" or "non-sufficient funds" flash at a cash register when accidentally overdrawing due to a service called courtesy overdraft privilege (ODP). The Fed decided to focus only on electronic payments because debit card transactions have been a key driver behind the growth in the volume and cost of overdraft fees, which were on average $26 per transaction in 2007, and have steadily grown since then.
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Extract
Fed: Consumers Must Opt in to Od Privilege
With the increasing use of debit cards in recent years, many consumers have avoided the risk and embarrassment of seeing the words "declined" or "non-sufficient funds" flash at a cash register when accidentally overdrawing due to a service called courtesy overdraft privilege (ODP). W...
See the full content of this document
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