FORT LAUDERDALE, Fla. – January 5, 2022. Velocity Solutions CEO and attorney Christopher Leonard has authored an extensive white paper providing a unique perspective on the topic of overdraft coverage and its associated fees—a topic that has recently dominated the financial services industry news.

Velocity Solutions is offering complimentary downloads of this white paper in an effort to promote more informed and balanced viewpoints on this longstanding, yet often unfairly maligned, banking service. “The fact is,” says Leonard, “that millions of Americans value overdraft and rely on it for short-term liquidity, with a large percentage opting in to the service and agreeing to pay the fees.”

Leonard presents a well-documented and detailed research paper, providing counterpoints to the well-publicized, provocative headlines offered by the industry “pundits” who are “trying to create the impression that all consumers detest overdraft and want the service to end.”  Leonard notes that “while changes may occur to make programs more responsible and offer consumers alternatives, our new white paper explains in detail why overdraft is most definitely not over.”

Some of the white paper highlights:

  • Most consumers indicate that they don’t want to see reductions in their access to overdraft protection.
  • Less than 0.15% of complaints to the Consumer Financial Product Bureau involve overdraft.
  • Community banks and credit unions provide substantial liquidity to consumers and businesses in small-town America, places that megabanks often have abandoned.
  • Defining “consumer choice” is important for overdraft services and in the context of the less-desirable alternatives often available to Americans.
  • Unintended consequences for financial institutions and consumers will occur if access to overdraft protection is curtailed.

In summary, Leonard stresses that coming out of the economic aftermath of a global pandemic is not the time to enact sweeping changes that could potentially hurt—not help—American consumers, along with the community financial institutions that serve them.

Download the white paper here.

Learn more on this topic at one of the 2022 Velocity Executive Summits. Velocity CEO Christopher Leonard will cover the latest overdraft news and developments, along with providing his unique perspective on the topic. Learn more:

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About Velocity Solutions, LLC

Founded in 1995 and servicing the transaction accounts of over 30 million consumers and business owners, Velocity Solutions is the leading provider of revenue-driving solutions for community banks and credit unions. Our Velocity Intelligent Platform® powers all of Velocity’s solutions, using machine-led intelligence that delivers powerful analytics and drives revenue, loans, account holder engagement and non-interest income to our client financial institutions. For more information, please visit