Just Say No To Overdraft Fees: Opt-out Deadline for New Customers Begins July 1, 2010
Washington, D.C.— Starting tomorrow, banks must obtain permission from new customers before enrolling them in costly overdraft coverage for debit-card transactions. The Federal Reserve Board's new rule improves the status quo but still falls far short of what's needed: Banks should not be allowed to impose exorbitant charges that bear no reasonable connection to the overdraft amount or a lender's cost for making the loan. Banks also continue to pile on overdraft charges, including by manipulating transactions to maximize the number of fees they hit customers with each day. In addition