Fed Imposes New Rules For Bank Overdraft Fees
The federal reserve has officially implemented new rules that governs the overdraft fees our nation’s banks can charge. Thursday, a ruling was imposed to make it harder for banks to add overdraft fees to customer’s accounts. Banks will now be required to have a consumer opt in for overdraft protection programs, therefore if you do not opt in for this service you will not have a transaction processed if the funds are not available. Many consumers depend on the fact that their bank will let a charge be processed on their debit card, with the assumption that they will just get charged a fee for that. Well starting in July 2010, that will not be happening. Banks will have to say bye bye to the 25 billion dollars a year in fees they collect on these sorts of transactions. No more spending money you don’t have people…. Let’s see where the banks try and make up for this cash cow loss.