Credit unions and other financial institutions can't charge overdraft fees at ATMs or on one-time debit card transactions unless the consumer consents, or opts in, as a result of rules that the Federal Reserve approved today.
The financial institution must provide a notice explaining the services offered add the fee structure to the consumer before the consumer makes a decision. Also, the credit union must offer the same account terms to all members, whether or not they opt in.
The rules, which take effect next July 1, do not apply to checks or to pre-payment arrangements.
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