Many financial organizations have programs for customers to protect them from over-charges and things like job loss.
However, such programs are not always free: One may have to agree to certain fees or charges to enroll. Since such things are voluntary, one can decide not to sign on the dotted line and agree to the terms of the programs.
When you say no to enrolling or participating, you are then opting out. To opt out of a program, one may need to sign a form saying so since some banks will automatically enroll customers once they sign up for an account.
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