New federal rules on credit cards are hitting this summer. Banks will no longer be able to automatically let customers withdraw more money than have in their checking accounts (for a nice fee) when they use their debit cards. Overdraft coverage will still be an option, but consumers have to sign-up for it. Banks will be busy sending out letters explaining the virtues of overdraft protection, but non-responses are treated as no’s under the new rules.
Tags: credit cards