CNNMoney.com
Say goodbye to those nasty surprise overdraft fees.
Federal Reserve rules that took effect on Sun., Aug. 15, prevent banks from automatically enrolling customers in overdraft protection when making debit purchases or withdrawing money from ATMs.
While banks worried about losing revenue have been aggressively promoting “opt-in” overdraft plans, many customers are choosing to risk having their card declined rather than face a $35 overdraft fee.
But being unable to pay for your purchases can not only be embarrassing, it can sometimes deprive you of basic needs.
There are several ways to avoid getting declined. The simplest one: Don’t overdraft your account in the first place.
But that’s easier said than done in today’s world of electronic banking. With direct deposit, debit cards, check writing and automatic payment plans for monthly bills, keeping track of your balance is harder than ever.
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