Overdraft Fees Opt-in / Opt-out Deadline Is Sunday!

If you haven't already, make sure you update your opt-in settings for the new federal changes governing bank debit card overdraft usage.

As reported by MSN Money, "The last of a series of new federal overdraft rules goes into effect Sunday, Aug. 15, after which banks can no longer automatically include customers in an overdraft "protection" plan that smacks them with a hefty fee when the bank makes good on a debit or ATM card overdraft.

Those who decide not to opt in will have their cards declined when a debit or ATM transaction would overdraw their account, but will not pay a fee. (The new rules don't apply to checks and automatic withdrawals. Banks will still cover those types of overdrafts and charge a fee.)"

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