For now, most banks automatically enroll customers in overdraft protection, no questions asked, with or without any boxes checked. You must officially tell the bank you want to opt out to get the service—and the possibility of corresponding fees—dropped. But by the summer of 2010, bank customers will only receive overdraft protection if they opt into such programs. In 2009, banks earned $40 billion in overdraft fees, about half of which came from ATM and debit card overdrafts. Facing the prospect of losing its cash cow, the banks have launched a campaign to convince customers that, $35 fees or not, they really do want to opt into overdraft protection. Without "protection," the banks say, you open yourself to all sorts of dangers.

The NY Times cites some recent marketing copy from Chase's overdraft campaign:

“Your debit card may not work the same way anymore, even if you just made a deposit. Unless we hear from you,” the message, emblazoned in large red type, warns. “If you don't contact us, your everyday debit card transactions that overdraw your account will not be authorized after August 15, 2010 — even in an emergency,” with “even in an emergency” underlined for emphasis.

Oh snap! The underline! They're playing for keeps.

My natural reaction is: If they have to try this hard to convince customers of the merits of overdraft protection, how good can it really be? If the service was that amazingly wonderful, the banks wouldn't have to pump it up to the enth degree or resort to scare tactics.