Overdraft Loan Quiz
2. Banks do not have to ask your permission to enroll you in an overdraft program for checks or automatic bill payments that may overdraft your account.
True. Prior to 2010, most banks (75%) automatically enrolled account holders in automated overdraft programs without their active consent. Although recent Federal Reserve Board mandates now require banks to first get customers’ permissions before applying standard overdraft practices to everyday debit card and ATM transactions, banks can still automatically charge fees for checks or automatic bill payments that overdraft an account.