Newsweek: Overdraft Plans Pushed as Deadline Nears

[steve2470]

http://www.newsweek.com/2010/08/13/overdraft-plans-pushed-as-deadline-nears.html

If you haven't opted for overdraft protection with your bank, prepare to have the service discontinued by Monday morning.


Aug. 15 is the deadline under the Federal Reserve's "Regulation E" to
inform Bank of America, Citigroup, JPMorgan or whichever bank you use to allow ATM and debit transactions that exceed the account balance to be covered for a fee. Because the deadline falls on a Sunday, anyone needing assistance from a human needs to act by the close of business today.

Most overdrafts from paper checks and automatic payments will continue to be covered for a fee, but ATM and debit transactions will be automatically denied.

This is the second phase of the clampdown on overdraft fees. On July 1, banks were prohibited from adding overdraft protection as an automatic feature on new accounts.

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