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The FDIC did a study over several banks finding that most banks are automatically enrolling customers in overdraft programs so that we can get an overdraft at the bank. The study finds that the larger the bank, the more likely it is to process transactions from largest to smallest, rather than in the order it was received.

Until I read the article, I didn’t know there was such a thing as opting out of an overdraft program. I just assumed that an overdraft fee was a form of punishment that a bank could deal out. When I had my first job and was banking at a local bank, it would often hold my deposits for several days before making them available. I got an overdraft once or twice, then I switched banks and haven’t had one since…it’s no coincidence.

FDIC: Bank overdraft fees hit young, low-income customers

Jeremy

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