Findings of the survey have shown that, of those consumers who signed up to have debit card or ATM transactions covered for a fee, 55 percent had experienced an overdraft in the past six months. However, 39 percent of the respondents who had overdrafted their account in the past six months chose not to sign up for such coverage.
In addition, 70 percent of survey repondents have claimed that they would like to have the choice when it comes to whether their bank covers the cheques they write for a fee when they do not have enough money in their accounts to cover them. Moreover, about half of these respondents (47 percent) indicated that they would select such an option. However, 38 percent stated that they would decline to do so.
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