I recently reported an interesting statistic out of Lake Bluff, Ill.-based economic research firm Moebs Services: 77% of U.S. consumers chose to allow for debit card and ATM overdrafts since the 2010 implementation of Regulation E.
I began to wonder what this statistic said about American consumers. Do we really view overdrafts as a safety net for those few times we need emergency funds and don't have enough money in our accounts to cover them? Or are we so lazy that we're failing to check our balances and leave adequate cushions in our accounts? Perhaps we're nonchalant about paying for our mistakes, that we view another $30 penalty here and there as no big deal.
I've only overdrawn my account once. I was in college with a low checking account balance and paid about $60 to cover two transactions. I wasn't happy about it and vowed never do it again.
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Natasha Chilingerian
Natasha Chilingerian has been immersed in the credit union industry for over a decade. She first joined CU Times in 2011 as a freelance writer, and following a two-year hiatus from 2013-2015, during which time she served as a communications specialist for Xceed Financial Credit Union (now Kinecta Federal Credit Union), she re-joined the CU Times team full-time as managing editor. She was promoted to executive editor in 2019. In the earlier days of her career, Chilingerian focused on news and lifestyle journalism, serving as a writer and editor for numerous regional publications in Oregon, Louisiana, South Carolina and the San Francisco Bay Area. In addition, she holds experience in marketing copywriting for companies in the finance and technology space. At CU Times, she covers People and Community news, cybersecurity, fintech partnerships, marketing, workplace culture, leadership, DEI, branch strategies, digital banking and more. She currently works remotely and splits her time between Southern California and Portland, Ore.
