debit cards

New Fed Rules Will Restrict Overdraft Fees on Debit Cards

New rules announced by the Federal Reserve on Thursday will restrict banks from charging overdraft fees without customers' consent on some debit card purchases, the New York Times reports. Banks will be required to explicitly outline their overdraft policies in clear language and obtain the customer's written consent before charging fees to his or her account. Part of an effort to restrict predatory credit practices, the new regulations will take effect next summer and will affect both new and existing debit cards. The new rules will not apply to checks or recurring debit card purchases, such ...

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