Poll Finds 26% Will Opt In to Overdraft
The National Foundation for Credit Counseling released poll findings that indicated that 26% of those polled intend to opt in to overdraft protection.
The July poll had 2,089 respondents and was conducted on the homepage of the NFCC website from July 1-31.
"It is disturbing that this many people live so close to the financial edge. Anticipating that they will overdraw their account, they are willing to exacerbate the problem by paying a fee to have their purchases approved. The real answer lies in examining the root problem and resolving it, as continued overdrafts can result in some significant financial damage," said Gail Cunningham, spokesperson for the NFCC.
The poll asked consumers to select A if they plan to opt in to ensure that purchases will be approved even though a fee will be added on or B if they plan to opt out and risk being embarrassed at checkout but save the fee. Twenty-six percent selected A, and 74% selected option B.