Under current law, consumers must opt in with their banks to obtain overdraft protection on their ATM withdrawals and debit card purchases. As explained here, a new study by an arm of the Pew Charitable Trusts finds that consumers generally are confused about whether they have overdraft protection and even whether it was available. Among the findings of the report are that (1) most consumers would rather have their transactions declined than pay an overdraft fee; and (2) poor people and younger people are considerably more likely to overdraft than wealthier people and older people. 18% of people surveyed by Pew had overdrafted in the last year. Read the entire Pew report here.