Overdraft Fees

10 Austin South Asian | September 2022 How To Get A Handle On Overdraft Fees

When your bank account balance is low, life can be stressful. For example, when it’s time to pay large expenses that can’t wait, like car loan payments or monthly rent, it’s all too easy to overdraft a bank account.

In fact, U.S. consumers pay billions of dollars a year in overdraft fees for covering all types of purchases, both large and small.

There is no doubt that overdraft fees serve as a pain point for many consumers, and as the issue of overdraft continues to be discussed and debated, several banks have taken different approaches in response.

Some have taken steps to address overdrafts, mostly by eliminating fees or eliminating the ability to overdraft completely.

Alternatively, PNC Bank now offers a solution that provides customers with greater control in these circumstances. Low Cash Mode, a tool that offers transparency and zero and gives you at least 24 hours (and often more) to bring a negative balance to at least $0 through

a deposit or funds transfer before incurring a fee.

It also gives you the choice of whether to pay or return certain pending checks and electronic payments when your balance is nearing negative territory. The Value of Overdraft

The ability to choose to overdraft can help consumers avoid bigger repercussions like credit impacts and loss of access to banking that unpaid bills or late payments can cause. Allowing customers to make their critical payments – albeit for a small fee – sometimes makes a difference that helps allow them to stay in the banking system.

For example, if you opt to pay your rent or car payment – and avoid a penalty or a negative impact to your credit score by simply paying an overdraft fee – then the option to overdraft has provided a value.

“Removing the ability to overdraw an account doesn’t address the fact that many customers need to pay bills, even during temporary cash shortfalls,” says Alex Overstrom, head of Retail Banking at PNC Bank. “The key is that the consumer should be making the decision to incur or avoid fees, not just the bank.”

choices to help customers avoid fees by managing low-cash moments or mistimed payments, is a feature available in the PNC Virtual Wallet account through the PNC Bank Mobile app.

The feature notifies you when your available balance is near or below Control Pays Off

This level of control has demonstrated real results. PNC reports that 64% of customers who have a negative-balance event cure their account in time to avoid incurring a fee.

“Sometimes people just need a little more time to cover important expenses,” says Overstrom. “And in these moments, they should have choices to make things right.” (StatePoint)

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Help Discover The Next Breakthrough Medical Treatment

Without clinical trials, the medicines millions of people rely on to treat or cure diseases would not have become available. Clinical trials examine the safety and effectiveness of new treatments in people, and this research plays a key role in developing ways to prevent, detect and treat diseases.

Many people may not know they can volunteer to participate in clinical trials, an undertaking that may potentially advance scientific breakthroughs while helping people around the world live healthier lives. Today, more than 425,000 such research studies are underway in the United States, according to the National Institutes of Health.

Why Diversity is Important in Clinical Trials To ensure new treatments work well for all people, it is crucial for clinical trials to include volunteers from different backgrounds. Research shows people may have different reactions to treatments based on their race, ethnicity, gender, age and other factors, which makes it important for clinical trials to include a diverse range of participants. However, most clinical trials do not include participants that represent the diverse population of the United States.

Research in kidney disease pro-

vides a prime example of why such representation is important. Clinical trials have resulted in new treatments to slow damage to the kidneys and prevent kidney failure and death. However, despite having a greater chance of developing kidney failure, people of color remain underrepresented in kidney disease clinical trials.

About 33% of people with kidney failure are Black, but only about 1 in 10 clinical trial participants are Black, according to the American

Kidney Fund (AKF). The disparity also exists for Hispanic people, who are nearly 1.5 times more likely to have kidney failure than non-Hispanics. However, only 1 in 10 clinical trial participants are Hispanic. Many complex barriers contribute to a lack of diversity in clinical trials. Such barriers include mistrust among certain communities based on historical abuses, racial biases among health care providers, language and cultural differences and a lack of access to information about clinical trials and their safety measures.

“Clinical trials today have important safeguards to not only ensure the safety and fair treatment of participants but also ensure they meet ethical standards,” said LaVarne Burton, president and CEO of AKF. “These measures are critical toward achieving diversity and inclusion in clinical trials so approved treatments work well for those who so greatly need them.”

Learn More About Participating in Clinical Trials People can join a clinical trial as a healthy volunteer or patient with the disease being studied. Clinical trials often benefit patients because they can receive access to worldclass care and promising new treatments or medicines that are not yet available to the public.

Patients can always ask their doctors for recommendations about clinical trials they may qualify for, but this is not required. People can also find clinical trials on their own through reputable online resources.

Anyone interested in joining a clinical trial should gather as much information as possible about the study beforehand, such as what the study will entail, possible side effects and risks, and what type of time commitment is needed. Before taking part in a trial, talk with the treatment team about any concerns to ensure you have the confidence to make an informed decision about joining.

If you are interested in clinical trials related to kidney disease, you can find more resources about the clinical trial process and get matched with a clinical trial at kidneyfund.org/clinical-trials. (Family Features) Photo courtesy of Getty Images