The Federal Reserve Board posted a new online publication to help consumers better understand new overdraft rules on debit-card and ATM transactions. What You Need to Know: New Overdraft Rules for Debit and ATM Cards explains how rules taking effect July 1 will affect existing and new account holders.
The Fed rules prohibit financial institutions from charging overdraft fees for ATM and one-time debit-card transactions unless a consumer consents, or opts in, to the overdraft service for those types of transactions. Under the rules, financial institutions must provide consumers a notice that explains the financial institution's overdraft services, including the fees associated with the service, and the consumer's choices.
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