The American Bankers Association released a new survey that offers insights into how consumers perceive and value overdraft protection. To gain a deeper understanding of the findings, you can explore the full report here: https://www.aba.com/about-us/press-room/press-releases/consumer-survey-consumers-happy-and-competitive
In a rapidly evolving financial services landscape, it’s essential to grasp what truly matters to consumers. The survey, conducted by Morning Consult on behalf of the ABA, explores consumer sentiments on banking services, including access to banking services, overdraft protection, and even cannabis banking.
Here are key takeaways from the survey:
- Value of Overdraft Protection: For the fourth consecutive year, 9 in 10 consumers (88%) find their bank’s overdraft protection to be valuable. This underscores the importance of this service to ensure consumer needs are met.
- Consumer Preferences on Overdraft Fees: Interestingly, nearly 8 in 10 consumers (77%) who have paid an overdraft fee in the past year expressed satisfaction with their bank covering their overdraft payment rather than returning or declining it. Additionally, 63% of consumers think it’s reasonable for banks to charge a fee for an overdraft, as opposed to only 24% who consider it unreasonable.
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