With the government coming down on how banks charge overdraft fees on debit cards, some of the industry's biggest players are launching an offensive campaign to continue receiving cash from overspending consumers. The New York Times is reporting that Chase and other banks are preparing pamphlets, phone calls, and e-mailing card holders to persuade them to continue opting into overdraft protection fees, which amassed nearly $20 billion for the industry last year.
From the Times:
As the government cracks down on the way banks charge fees for overspending on debit cards, the industry is mounting an aggressive campaign aimed at keeping billions of dollars in penalty income flowing into its coffers... Starting this summer, banks must get consumers to agree, or "opt in," to a service covering purchases on a debit card when there is not enough money in their account.