Friday, February 26, 2010

New Overdraft Rules on Credit and Debit Cards

Source: Federal Reserve Board of Governors

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:

Read more.

FRB: Consumer’s Guide to Credit Cards

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