I recently reported an interesting statistic out of LakeBluff, Ill.-based economic research firm Moebs Services: 77% ofU.S. consumers chose to allow for debit card and ATM overdraftssince the 2010 implementation of Regulation E.
I began to wonder what this statistic said about Americanconsumers. Do we really view overdrafts as a safety net for thosefew times we need emergency funds and don't have enough money inour accounts to cover them? Or are we so lazy that we're failing tocheck our balances and leave adequate cushions in our accounts?Perhaps we're nonchalant about paying for our mistakes, that weview another $30 penalty here and there as no big deal.
I've only overdrawn my account once. I was in college with a lowchecking account balance and paid about $60 to cover twotransactions. I wasn't happy about it and vowed never do itagain.
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