Banks are not forced to allow over-drafts. Most major banks have an automated digital system that denys future transactions, and therefore over-drafts, if the customer's account has exceeded a dollar amount pre-specified by the bank.
We petition the following to be implemented as federal law to protect consumers from banks that extort their consumers with mandatory overdraft and "extended" overdraft fees:
1. Upon consumers request, banks must deny all transactions that are attempted when their account has NSF.
2. If a consumer does not opt-in the bank may charge a fee no greater than 3% of the over drafted transaction amount per month until the overdraft is paid. And it may not exceed 100% of the total amount owed.