The Federal Reserve has proposed some new regulations that would, among other things, require banks to let you opt-out of the “overdraft protection” services that often result in consumers being charged large fees for buying one too many (or 6 too many) packs of gum with their debit cards. The Center for Responsible Lending thinks the programs should be “opt-in”. Either way, without the overdraft program, your debit or atm transaction would be denied for non-sufficient funds and you would not be charged a overdraft fee.
