Overdraft Opt-In Model Form Testing

Module H: Title of form
H1: Title of Form

What you need to know about overdrafts and overdraft fees

H2: Title of Form

Understanding your overdraft options and fees

H3: Title of Form

What are my options for ATM and debit card overdraft?

H4: Title of Form

Choose your overdraft services

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Module A: Definitions
A1: Definition

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it
anyway.

A2: Definition

An overdraft happens when you spend more than you have in your account and we cover the difference by making
the full payment.

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Module B: Opt-in coverage
B.1: Opt-In coverage

What is the standard overdraft service that I already have?

We generally charge overdraft fees when we choose to cover: checks, electronic bill payments

We do not charge overdraft fees on these items (and do not cover them) unless you sign this form: ATM
withdrawals, debit card transactions.

B.2: Spending control
What are the standard services that come with my checking account?

Your checking account automatically includes spending controls that would help protect you from spending more
money than you have in your account. If you try to make an ATM withdrawal or debit card purchase that exceeds
your account balance, we will decline the transaction without charging you an overdraft fee.
What does opting out of the spending controls mean?

If you check the box below, we would turn off this spending control. So, if you try to make an ATM withdrawal or
debit card purchase that exceeds your account balance, we might choose to cover the difference and may charge
you an overdraft fee.

B.3: Listing fees

What fees can I expect?

For checks and electronic bill payments that would overdraw your account, we may charge the following fees:
•
•

overdraft fee for each we choose to cover

non-sufficient funds fee for each we decline to cover.

For ATM withdrawals and debit card payments that would overdraw your account, we may charge the following
fees:
•
•

no fees and we will not cover these items

if you sign this form: an overdraft fee for each we choose to cover

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Module B: Opt-in coverage
B.4: ATM/POS only

What are my options for overdraft on ATM withdrawals and debit card payments?

You get to choose whether to allow us to charge you overdraft fees for covering ATM withdrawals and debit card
payments that would overdraw your account. To understand your account’s overdraft coverage for checks and electronic
bill payments, talk to a bank representative or visit our website. For ATM withdrawals and debit card payments:
If you don't sign this form
•
•

We cannot charge you overdraft fees

We won’t cover these items if they would overdraw your account

If you sign this form
•
•

We may, but are not required to, cover these items

We may charge you $34 each time these items overdraw your account

B.5: Alternate header to B.3

The header to say "What happens when I don't have enough money in my account to pay for something?"
The rest would be like B.3

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Module C: Presentation of fees
C.1: Presentation of Fees

What fees will I be charged if [FI] pays my overdraft?
(Fees use a design element alongside text)

Each overdraft: We charge $34 for each overdraft transaction

Daily fee maximum: There is no limit on how many fees you can be charged

Additional fees: We will charge you a $5 fee every [y] business days if your account remains overdraft after [z]
business days.
Overdraft fees may not be charged under some specific circumstances.

C.2: Alt overdraft fee text

What fees will I be charged if [FI] pays my overdraft?
(Fees use a design element alongside text)

Overdraft fee: We charge you 27% of your account's negative balance at the end of the day when we cover your
purchases and payments through our overdraft service.
Daily fee maximum: $200

Additional fees: We will charge you a $5 fee every [y] business days if your account remains overdraft after [z]
business days.
There are some circumstances where we might not charge you a fee.

C.3: Text in table format

What fees will I be charged if [FI] pays my overdraft?
Each overdraft

$34
For each overdraft transaction

Total daily fee maximum

No limit
There is no limit on how many fees
can be charged in one day.

Additional fees

$5 per day
We will charge you if your account
remains overdrawn after 5 business
days.

Overdraft fees may not be charged under some specific circumstances.

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Module D: Warnings
D.1: Consumer warning

You may pay more overdraft fees if you check this box.

D.2: Confusion

Do not sign this form if you do not understand the overdraft coverage described in this form.

D.3: Alternative plans

You could lower your overdraft fees if you link your checking account to a savings account, line of credit, or credit
card.

D.4: Increased chance of overspending

Signing this form will increase your chances of spending more than you have in your account.

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Module E: Examples
E.1: Designed example

For example, you decide to sign this form: You are spending $10 at the hardware store using your debit card, but
you only have $2 in your checking account. We choose to cover the extra $8 for you, but we will charge you a $34
fee.
Table: You have $2, You spend $10, We charge $34, Your total cost $44

E.2: Text only

For example, you decide to sign this form: You are spending $10 at the hardware store using your debit card, but
you only have $2 in your checking account. We would cover the extra $8 for you, but we will charge you a $34 fee.
You end up paying $44 for your purchase.

E.3: Fill-in-the-blank

Complete this example: Let's say you have chosen overdraft services for ATM withdrawals and debit card
transactions. You are spending $10 at the hardware store using your debit card, but you only have $2 in your checking
account. We would cover the extra $8 for you, but we will charge you a $34 fee. How much is your total cost?
You Have $______, You Spend $______, We charge $______, Your total cost $______

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Module F: Statistic
F.1: Average

How much do people pay in overdraft fees, on average?

People who overdraw their accounts pay [an average of ] $207 per year in overdraft fees.

F.2: Opt-in cost

Will checking ‘yes’ cost me money?

[On average], people who check this box pay $136 more per year in overdraft fees than people who do not.

F.3: Bank-specific average

How much do people at [FI] pay in overdraft fees, on average?

People who overdraw their accounts at [FI] pay [an average of] $207 per year in overdraft fees.

F.4: Bank-specific opt-in cost

Will checking ‘yes’ cost me money?

At [FI], people who check this box pay $136 more per year in overdraft fees than people who do not [check this
box].

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Module G: Choices & name
G.1: Yes/no choice

[box] No, I do not want [FI Name] to authorize and pay overdrafts on my ATM and debit card transactions.
[box] Yes, I want [FI Name] to authorize and pay overdrafts on my ATM and debit card transactions. I understand I
could be charged $34 every time I overdraw my checking account with an ATM or debit card transaction.
Name and Account number

[FI Name] will still cover my checks and automatic bill payments at its discretion.

G.2: Single choice option

Title: Overdraft services choice for ATM and everyday debit card transactions:

[box] Yes, I agree that I could be charged $34 every time I overdraw my account at the ATM or using my debit card.
I understand that this overdraft coverage is optional and that if I do not check this box, or deliver this form, ATM or
debit transactions that overdraw my account would be declined and I would not be charged an overdraft fee.

G.3: Status quo option

I currently have standard overdraft services. I want to change to allow [FI] to authorize overdrafts on my ATM and
debit card transactions. I understand I could be charged $34 every time I overdraw my checking account with an
ATM or debit card transaction.

G.4: Consumer's choice, two Yes sentences

Yes, I want [FI Name] to authorize and pay overdrafts on my ATM withdrawals. I understand I could be charged $34
every time I overdraw my checking account with an ATM withdrawal.
Yes, I want [FI Name] to authorize and pay overdrafts on my debit card transactions. I understand I could be
charged $34 every time I overdraw my checking account with a debit card transaction.

G.5: Right to revoke (can be paired with different versions of Module G and omitted in some testing)
I understand that I can change my mind at any time by contacting [FI] by [fill in method].

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Module I: Keep in mind
I.1: Expensive product

Overdrafting can be a very expensive way to pay for something. To lower your fees, try to avoid overdrawing your
account.

I.2: Spending control

Your account comes with spending controls that can help you to only spend the money you have in your account
when you use your debit or ATM card. Signing this form removes these spending controls and we may allow an ATM
withdrawal or debit card payment to take your account negative and charge you an overdraft fee.

I.3: Alternative plans

You can lower your overdraft fees if you link your checking account to a savings account, line of credit, or credit card.
To learn more, ask a representative about these plans.

I.4: Alternative payments

If paying for a transaction with your checking account will cause an overdraft, you can avoid an overdraft fee by
choosing to pay some other way or waiting until there are more funds in your account.

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