Overdraft Use During the Pandemic: Insights from the CFI COVID-19 Survey of Consumers

Abstract: This research brief examines consumers’ use of checking account overdrafts since the beginning of the COVID-19 crisis, using responses gathered from a special module in the Federal Reserve Bank of Philadelphia’s Consumer Finance Institute COVID-19 Survey of Consumers conducted between July 5 and 16, 2021. The overdraft module includes responses from a national sample of 3,615 consumers, 1,054 of whom reported experiencing at least one overdraft charge during the crisis. Respondents provided their demographic and employment characteristics as part of the broader survey. Survey participants were asked to recall outcomes and experiences occurring in 2019 and early 2020 — prior to the COVID-19 crisis — and compare them with their experiences during the 16-month period beginning March 2020

Keywords: COVID-19;

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Bibliographic Information

Provider: Federal Reserve Bank of Philadelphia

Part of Series: Consumer Finance Institute Research Briefs and Special Reports

Publication Date: 2021-08-30

Pages: 5