Consumer groups are pushing for banking regulations that will make overdraft protection programs optional. Banks argue that mandatory overdraft protection programs benefit and protect consumers.
In my own personal experience, I agree with consumer advocacy groups. It all just seems like a scheme to rack up fees. First, they charge you a non-optional monthly to be in the program. Then, they charge you a fee again when you use it. Go ahead, bounce my check or deny my ATM card. Don't pretend like everything is okay and then charge me for it. If payments are bouncing, it is probably because someone STOLE my card and is clueless to how little money is in my account.
These overdraft protection programs should definitely be "opt-in."
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