# Know, Grow, and Protect Net Worth: Using ML for Asset Protection by Preventing Overdraft Fees

arXiv: https://arxiv.org/abs/2302.02455 · HTML: https://mlsanity.com/paper/2302.02455/

## Key facts

- No citing papers in the map yet (data through 14 Oct 2026).
- Builds on 4 of its 31 references that are in the map.
- First posted on arXiv 5 Feb 2023.

## Builds on (most cited first, 4 of 4)

- [Aequitas: A Bias and Fairness Audit Toolkit](https://mlsanity.com/paper/1811.05577/) (2018)
- [The Secrets of Machine Learning: Ten Things You Wish You Had Known Earlier to be More Effective at Data Analysis](https://mlsanity.com/paper/1906.01998/) (2019)
- [Combining Intra-Risk and Contagion Risk for Enterprise Bankruptcy Prediction Using Graph Neural Networks](https://mlsanity.com/paper/2202.03874/) (2022)
- [Explainable Reinforcement Learning on Financial Stock Trading using SHAP](https://mlsanity.com/paper/2208.08790/) (2022)

## Abstract (arXiv)

When a customer overdraws their bank account and their balance is negative they are assessed an overdraft fee. Americans pay approximately 15 billion in unnecessary overdraft fees a year, often in 35 increments; users of the Mint personal finance app pay approximately 250 million in fees a year in particular. These overdraft fees are an excessive financial burden and lead to cascading overdraft fees trapping customers in financial hardship. To address this problem, we have created an ML-driven overdraft early warning system (ODEWS) that assesses a customer's risk of overdrafting within the next week using their banking and transaction data in the Mint app. At-risk customers are sent an alert so they can take steps to avoid the fee, ultimately changing their behavior and financial habits. The system deployed resulted in a 3 million savings in overdraft fees for Mint customers compared to a control group. Moreover, the methodology outlined here is part of a greater effort to provide ML-driven personalized financial advice to help our members know, grow, and protect their net worth, ultimately, achieving their financial goals.