New rules regarding Debit & ATM cards

The Federal Reserve will implement new rules giving debit and ATM card users additional options regarding overdrafts. Although the rules become effective on July 1, 2010, in the coming months, banks, credit unions, and other financial institutions must offer consumers the ability to make decisions about overdraft services for transactions made with their debit or ATM cards. The Federal Reserve’s online publication, "What You Need to Know: New Overdraft Rules for Debit and ATM Cards" provides an explanation of how the rules will affect existing and new account holders.