The Federal Reserve announced Thursday that banks and credit unions get a consumers’ permission before charging overdraft fees. The rule will take effect July 1, 2010, and require customers to explicitly sign off when they are going to be charged those fees. For example, if you go to buy a $1 coffee, but only have $0.50 in your account, you’d be required to sign off on being charged an overdraft fee before the transaction would go through.
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