Gen Y Back Talk: Overdrafts and Other Mistakes
I recently reported an interesting statistic out of Lake Bluff, Ill.-based economic research firm Moebs Services: 77% of U.S. consumers chose to allow for debit card and ATM overdrafts since the 2010 implementation of Regulation E.
I began to wonder what this statistic said about American consumers. Do we really view overdrafts as a safety net for those few times we need emergency funds and don’t have enough money in our accounts to cover them? Or are we so lazy that we’re failing to check our balances and leave adequate cushions in our accounts? Perhaps we’re nonchalant about paying for our mistakes, that we view another $30 penalty here and there as no big deal.