Frank writes that he received a call from his bank, TD Bank, that insults the consumer savvy and the intelligence of their customers. TD kept calling him…unsurprisingly, to try to sell him on the idea of opting in to overdraft protection. Their sales pitch? Overdraft protection is a “FREE SERVICE.” Well, yeah, like many services, it’s free until you actually use it.
opt-in overdraft protection
As the August 15th deadline for bank customers to opt in to overdraft protection on their existing accounts looms, banks are trying some innovative new tactics. Nicole tells Consumerist that she visited an ATM Chase branch on a Saturday morning to withdraw some cash, and encountered an employee stationed near the ATMs, asking customers whether they had “made a decision” about their “debit card overdraft coverage.”