New federal rules will require ATM and debit card users to grant permission for certain overdrafts to be covered by their bank.
According to an article from The Anahuac Progress, the new rules will require banks to get customers' permission to enroll in the bank's courtesy overdraft practices before customers can be charged overdraft fees.
If customers do not opt in beginning Aug. 15, then everyday transactions resulting in an overdraft will typically be declined. Customers can opt in at any time and cancel at any time. However, the new rules will not cover checks or automatic bill payments. In these cases, the banks may still automatically enroll customers in courtesy overdraft programs.
