Overdraft Changes On Your ATM Card

In a move to show the Federal Reserve is now here to protect consumers, the Federal Reserve banned ATM and debit card overdraft fees unless customers have opted to pay to ensure balance busting transactions don’t automatically go through. The new rules, which take effect July 1, 2010 mean that if you don’t have enough money in your account for the ATM withdrawal the transaction will be rejected. With any level of human reasoning, this should have always been the case. However, in the past, the bank would approve the transaction and tack on overdraft fees which can cost the average consumer hundreds of dollars per year.