Consumer Alert: What you need to know about overdraft fees - WKOW 27: Madison, WI Breaking News, Weather and Sports

Consumer Alert: What you need to know about overdraft fees

MADISON (WKOW) -- In the coming months, your bank or credit union will likely be contacting you to tell you about new rules that affect overdraft rules and fees.

The U.S. Federal Reserve posted a helpful article for bank or credit union customers that explains the new rules and how they affect consumers.

Here are some of the primary changes coming soon:

  1. Your bank must ask you if you want overdraft protection or other related services.
  2. If you don't want those services, the bank must stop providing them (and charging you).
  3. You can opt-in or cancel at any time.

These new rules do not apply to checks.

For more information, read the article posted by the Federal Reserve by clicking here. 

__

Online reporting by Dan Cassuto

Dan's Email: dcassuto@wkowtv.com

Dan on Facebook: www.facebook.com/dancassuto

Dan on Twitter: cassuto_wkow

Dan's Consumer Blog: Call for Action

For help solving a consumer problem, call (608) 661 2727.

 

Powered by Frankly