A new Pew Report released yesterday shows that customers are still befuddled about overdraft. This is the Pew Charitable Trust’s second report on customer experiences with overdraft.

Some numbers from the study:

• 52% of overdrafters don’t recall opting into overdraft coverage, but were still charged a fee in the past year
• 68% of overdrafters would prefer to be declined rather than pay a $35 overdraft fee
• 80% of overdrafters say overdraft practices and fees should be more closely regulated
• The average total fee paid by consumers during their last overdraft event was $69

To summarize, more than half of those using overdraft protection don’t recall opting into it, and two-thirds of those with overdraft protection would rather be declined than pay the fee. The price of an overdraft event — averaging $69, according to Pew — are high.

Is it any wonder why prepaid cards are booming? Prepaid cards will simply be declined if not enough funds are available on them, which is what 68% of those surveyed by Pew would prefer. The new neobank services from Simple, Moven and GoBank all skip overdraft coverage, as well. (It seems they’ve done their research.) Overdraft is a credit product, and young people and the underbanked are proving to be quite wary of amassing any — or rather, any additional — debt.

Overdraft coverage is heavily regulated and users must opt in to get the product, but it appears the message is not getting across to the average consumer, which may lead to additional regulation.