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| Credit Answers > Debt-Management-Articles-2010 > Bank Overdraft Fees |
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New guidelines may begin to impact some banking customers in the next several months as overdraft protection regulations go into effect.
Various banks will not be providing ATM and debit card overdraft protection beginning July 1 for new accounts and August 15 for existing accounts. If customers want this
service, they will either have to opt in or sign up specifically saying that they want the service.
However, overdrafts which are triggered by checks and direct debit transfers, such as bill payments, should still be automatically covered.
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Customers who are consistently responsible with managing their money and keeping accurate records of all checks, withdrawals and transactions, shouldn't be affected by the new
regulations. However, those who often forget to record checks and debit card purchases may consider the new regulations welcome news.
According to the new regulations, if you attempt to make an ATM withdrawal that will put their bank account balance into the negative, the transaction will be denied.
A recent study by Bretton Woods Inc., a management consulting firm serving financial institutions, discovered that $38 billion in overdraft fees were paid by bank and credit
union customers in 2009.
These changes should be welcome news to anyone in a debt settlement program. With these new regulations in place customers will not be
able to spend money on their debit card if they do not have it in their checking account.
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