New overdraft protection rules in effect for debit users

According to new rules by the Federal Reserve, all debit and ATM card users now have to opt in for overdraft protection.If debit card users

THE BRONX - According to new rules by the Federal Reserve, all debit and ATM card users now have to opt in for overdraft protection.

If debit card users don't opt for the bank overdraft program, their transactions will be declined at checkout if there isn't enough money in the account.

Banking experts say the rules are put in place to help curb excessive overdraft fees. Consumers paid approximately $38 billion in overdraft fees last year, according to the consumer protection board.

The new rules also allow debit card users the freedom of changing to an overdraft program at will or vice-versa.

advertisement | advertise on News 12

Trending Video

A 21-year-old was critically injured after crashing his 1 21-year-old critically injured in crash on Bronx River Parkway
A violent brawl captured on video Thursday night 2 City Island restaurant brawl captured on video
VIDEO: Scenes from fatal accident 3 VIDEO: Scenes from fatal accident
Students at Riverdale Country School are getting the 4 Students at Riverdale Country showcase their art
Police say Timothy Hairston, 27, was shot to 5 Police: Man shot, killed on E. 165th Street

advertisement | advertise on News 12

Features

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE