ODP Fees Crisis: Fintech Solutions for Vulnerable Populations
Overdraft protection (ODP) fees—charges incurred when an account balance dips below zero—disproportionately impact low-income individuals relying on government assistance. These fees, averaging around $30 but sometimes reaching $40 or more, can quickly deplete already meager resources, creating a vicious cycle of financial hardship. This article explores this crisis, highlighting the struggles faced by vulnerable populations and examining innovative Fintech solutions that offer a path towards financial stability. The Devastating Impact of Overdraft Fees The unexpected bite of overdraft fees can be catastrophic for those living on a tight budget....