ABA has shared the results of an ABA-commissioned survey of consumers who regularly use overdraft protection with the CFPB. The survey, conducted by The Mellman Group, is the first to assess the demographics and views of regular overdraft protection users rather than the general population, which can be less informed about the product.
Among other things, the survey found that regular users are middle-income and educated, are aware of the consumer protections surrounding overdraft products and use the service rationally. Users also reported that overdraft protection helps them manage their financial affairs, and that they would have few options if access to the service was limited.
In a letter to the CFPB, ABA SVP Richard Riese reflected on the survey results and urged the bureau to keep them in mind as it analyzes overdraft protection programs.
Read the letter.
View a summary of the survey.
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