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.