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I think that this doesn't protect you and you would just end up over drafting your account, resulting in fees.

Overdraft fees caused by fraud will probably be reversed. I have never heard of it not happening -- it would be a terrible PR for a bank that allowed for it. It will simply take time.

It ought to be a regulatory incident, not just bad PR.

I'm sure it will be, but bad PR triggers resolution much faster than OCC.

Can't you disable overdraft?

Sure, but at least you'll still be able to pay rent etc without late-payment fees. A single overdraft fee is way less bad.

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