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29/07/2010 -
New regulations born of the financial reform bill may help cut costs for consumers who use point-of-sale terminals, yet banks are still searching for a way to recoup their potential losses.As the date on which new federal overdraft rules take effect draws nearer, financial institutions are meeting with marketing and technology companies to develop strategies which will help them preserve billions of dollars in revenue that had come from overdraft charges, the Wall Street Journal writes.
The new rule requires that customers sign up for a bank's overdraft program before they can be charged by the bank. As a result, these companies are helping financial institutions to target customers most likely to incur overdraft charges and then persuade them join their overdraft plans, the Journal reports.
Banks are specifically contacting these users because, according to the paper, about 75 percent of overdraft fees are generated by less than 20 percent of bank customers. To catch these customers' attention, some banks are engaging in direct-mailing campaigns or considering bundling overdraft protection with other services for a monthly fee.
Consumers, however, are being encouraged to opt out of the plan. According to the Boston Globe, a better plan is just to make sure individuals check their bank statements and spend wisely. Customers can even sign up for automatic email alerts when their accounts reach a certain amount.
