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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.

 

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