[heavenlyblue]

> You've inadvertently just shown why financially illiterate people end up way worse off (someone using a payday lender because of a story they heard from their uncle from a bank 20 years ago).

I am not sure this is true. In order to know what you know you need to have free time to actually follow the changes in bank rules, for example.

A person with a financial education from 20 years ago who is also poor today would not know that the overdraft is optional.