In discussing with another banker, they pointed out that once an employee goes to open a new account they are no longer considered an employee and are now considered a consumer according to CFPB. Thus if I go by that logic...
Please don't go by that logic. A person can be both an employee
and a consumer. They do not cease to be employees when they open accounts.
Your bank has made a determination to offer courtesy overdraft to your customers, with the exception that a certain subset of customers (those that collect paychecks from your bank) are not eligible.
So when an employee opens a new account, you don't offer the opt-in because they are not eligible.