Summary
When it comes to grumbling about banks, the anger consumers feel about bailouts and bonuses often pales in comparison to their rage after buying a $4 cup of coffee with a debit card and getting whacked with $35 or $70 in overdraft fees.
But now the Federal Reserve has set up some new rules. Beginning this summer, banks will be prohibited from charging consumers overdraft fees on ATM or onetime debit card transactions -- unless the consumer agrees in advance and knows the fees involved.See the full content of this document
Extract
New Overdraft Rules Imperfect
Under the Fed's new system, effective July 1 for new accounts and Aug. 15 for others, banks must ask consumers whether they want to opt in for overdraft programs...
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