Customers must now give banks permission to overdraw accounts
By Ylan Q. Mui
Washington Post Staff Writer
Monday, August 16, 2010; 12:08 PM
As of this week, big banks will no longer allow you to overdraw your account -- and charge you a high fee for it -- unless you give them permission.
The new overdraft rules went into effect on Sunday for customers of the nation's biggest banks. They require banks to deny a debit card purchase if there is not enough money in the checking account to pay for it. If consumers want to be able to overdraw their accounts, they must opt in to the service.
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