Limited and Varying Consumer Attention: Evidence from Shocks to the Salience of Bank Overdraft Fees

• 成果类型: Article
• 署名作者: Stango, Victor; Zinman, Jonathan
• 署名单位: University of California System; University of California Davis; National Bureau of Economic Research; Dartmouth College
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhu008
• 发表日期: 2014
• 页码: 990
• 关键词: INVESTOR ATTENTION; disclosure; checking; accounts

摘要

We explore dynamics of limited attention in the $35 billion market for checking overdrafts, using survey content as shocks to the salience of overdraft fees. Conditional on selection into surveys, individuals who face overdraft-related questions are less likely to incur a fee in the survey month. Taking multiple overdraft surveys builds a stock of attention that reduces overdrafts for up to two years. The effects are significant among consumers with lower education and financial literacy. Individuals avoid overdrafts by making fewer low-balance debit transactions and cancelling automatic recurring withdrawals. The results raise new questions about consumer financial protection policy.