ICFE
ICFE eNEWS #10-11 - March 25th 2010

ICFE

New Federal Reserve rules give debit and ATM card users additional options regarding overdrafts. In the coming months, banks, credit unions, and other financial institutions must offer you the ability to make decisions about overdraft services for transactions made with your debit or ATM cards.

Expect your bank to send you an explanation of its overdraft services; here is an example (38 KB PDF). Here are some key things you need to consider when reading the notice:

The basic facts

Types of overdraft services. An overdraft occurs when you make a purchase or ATM transaction but don't have enough money in your account to pay for it. For a fee, your bank's overdraft services will cover you when you become overdrawn. This fee can apply to each time you overdraw your account.

Generally, there are two types of overdraft services:

The new rules


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Sent by:

Paul Richard
President - Executive Director
Institute of Consumer Financial Education (ICFE)


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