Fed's new regulations on bank overdraft charges
A summary of the Federal Reserve's new regulations on bank overdraft charges:
-- The rules apply to debit card transactions and ATM withdrawals. They do not apply to checks or recurring payments, such as automatic bill pay.
-- Consumers must opt in to an overdraft program for a bank to charge any fees.
-- Consumers who opt in can drop the program at anytime.
-- Banks must comply with the new overdraft rules for all new accounts opened after July 1.
-- For existing accounts, banks must comply with the overdraft rules by Aug. 15.