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Fed Will Require Bank Customers To OK Overdrafts |
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Written by Kathy Chu - USA Today
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Thursday, 12 November 2009 |
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Article Source: USA Today
The Federal Reserve released a long-awaited rule Thursday requiring banks and credit unions to get consumers' permission before paying most debit-card and ATM overdrafts.The rule, which comes as Congress is scrutinizing hefty overdraft fees, will take effect by July 1, 2010 for new customers and Aug. 15, 2010 for existing customers.
Consumers who want financial institutions to pay transactions that exceed their cash or credit limits can give their consent orally or in writing, Fed officials said Thursday.
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