Online testing of overdraft disclosures under development

Online testing of ATM/debit card overdraft disclosures is being developed by the Consumer Financial Protection Bureau (CFPB) to explore consumer understanding – and decision making – in response to overdraft disclosure forms, according to bureau filings with the Federal Register.

In a notice scheduled for publication Wednesday, the bureau is seeking a 60-day comment period on its testing program, which it states will seek responses from up to 8,000 individuals. The program is named the “Web-Based Quantitative Testing of Point of Sale/ATM (POS/ATM) Overdraft Disclosure Forms.”

According to CFPB, in addition to looking at consumer understanding and decision-making, the testing will “explore financial product usage, behavioral traits, and other consumer characteristics that may interact with a consumer’s experiences with overdraft programs and related disclosure forms.”

The agency said the 8,000 individuals will be a sampling of U.S. adults, with “an oversampling of respondents who have previously reported experience with overdraft fees.”

Comment request: Web-Based Quantitative Testing of Point of Sale/ATM (POS/ATM) Overdraft Disclosure Forms

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