Current Launches Innovative Anti Overdraft Product
Digital only bank Current has launched a new anti overdraft product to help users combat fees from banks; GoFundMyOverdraft is a campaign set up by a user to recoup the fees from a bank; the user fills out an online form with their name and the name of the bank who charged the fee, Current sets up a webpage so friends and family can cover the fee through Venmo of Cashtag; Current will link to the user’s account to verify fees and vet claims; “There’s a subset of people living near the zero balance,” Current CEO Stuart Sopp said to American Banker. “These are our Current customers; we see this all the time. If you don’t have much on deposit, banks charge high fixed fees and overdrafts. The banks got addicted to those fees. Ten million people are paying the majority of those fees. This is our way of saying this is an issue.” Source.