KAHOOT VERSION

Banking

Is it Protection or Deception?

1. Overdraft coverage is when a bank allows you to make a transaction with a debit card even if:
1. that debit card has already expired
2. you forgot your PIN number
3. you’re not the primary cardholder
4. the linked checking account doesn’t have enough money

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IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE

• Overdraft coverage is when a bank allows you to make a transaction with a debit card even if:
• that debit card has already expired
• you forgot your PIN number
• you’re not the primary cardholder
• the linked checking account doesn’t have enough money

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IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE

2. Financial institutions are prohibited from charging overdraft fees, unless:

1. the financial institution is over 50 years old
2. the consumer opts in to the program
3. the fees are below $12 per transaction
4. the overdraft happens more than once a day

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IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE

2. Financial institutions are prohibited from charging overdraft fees, unless:

• the financial institution is over 50 years old
• the consumer opts in to the program
• the fees are below $12 per transaction
• the overdraft happens more than once a day

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IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE

3. One major bank was caught handing out checking account applications that:

• were entirely completed by others
• already opted in to overdraft protection
• already opted out of overdraft protection
• never asked about overdraft fees

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IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE

3. One major bank was caught handing out checking account applications that:

• were entirely completed by others
• already opted in to overdraft protection
• already opted out of overdraft protection
• never asked about overdraft fees

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IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE

4. True or False? Between 2019 and 2023, the overdraft fees U.S. consumers were charged increased dramatically.

• True
• False

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IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE

4. True or False? Between 2019 and 2023, the overdraft fees U.S. consumers were charged increased dramatically.

• True
• False

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IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE

5. How much does a typical overdraft coverage fee cost consumers?

• $5
• $15
• $27
• $35

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IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE

5. How much does a typical overdraft coverage fee cost consumers?

• $5
• $15
• $27
• $35

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IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE

You’ve completed the exercise, now it’s time to learn

more about the current event:

IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE

Discussion Prompt:

Have you or someone you know ever dealt with overdraft fees? What tips would you give someone in this situation?

IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE

Extend Your Learning

Relevant Resources from NGPF:

• What percent of consumers overdraw their checking accounts annually?

(Question of the Day)

• Bank Overdraft Fees (Video)
• COMPARE: Overdraft Fees (Activity)

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References:

• 7 in 10 Americans Find Overdraft Fees Unfair (PEW)
• Overdraft Fees: Compare What Banks Charge in 2025 (NerdWallet)
• Overdraft/NSF Revenue in 2023 down more than 50% (Consumerfinance.gov)
• Responding to Reform: Overdraft in 2023 (Financial Health Network)

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IS IT PROTECTION OR DECEPTION? | APRIL 25, 2025 EDITION | NEXT GEN PERSONAL FINANCE