Felix Salmon

Overdraft opt-in messages: Brace yourselves

By Felix Salmon
November 19, 2009

It’s good that we’re moving to an opt-in system for debit-card overdrafts. But in order to get there from here I have a feeling that we’re going to have to dodge a lot of, um, personalized communications from our banks:

SoundBite’s Debit Card Overdraft Opt-In solution can proactively reach consumers through any combination of automated voice, text, and email messaging. Attempts to reach a consumer can escalate from one channel to another — such as from an email to a voice message to a text message — in order to increase reach-ability and response rates.

Maybe this is why the Fed’s model letter included a way for consumers to opt out, even though they’re opted out by default. If you formally communicate with your bank to opt out, will that stop them pestering you to opt in?

One comment so far | RSS Comments RSS

I just got a letter from my bank that let’s me know that if I don’t opt-out, they are going to share my information.

And if people don’t get the letter, and get their info shared, all the bank needs to do is point to an item in a database that says you were on their mailing list?



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