• September 1, 2010

A new survey shows that 46% of bank customers report they did (or will) opt in to their bank's overdraft program, saying they are willing to pay a fee for the service to ensure that debit card transactions will be approved even if their account is overdrawn, while 49% said they would not opt in.

The survey was conducted by Ipsos-Reid, an independent market research firm, which polled more than 1,000 adults by telephone on Aug. 14-15. About 5% of those surveyed did not know or were unsure of their decision.

New federal regulations went into effect Aug. 15 requiring banks to get permission from customers before paying debit card overdrafts and charging a fee for the service. Previously, no permission was required. Customers who do not opt in for overdraft protection may have one-time debit card transactions or ATM withdrawals declined if their account is overdrawn. The new rules do not affect checks or automatic bill payments.--Tanya Irwin