Bank customers must authorize overdrafts on ATM purchases

The Federal Reserve beat the Federal Government to the punch on ATM overdraft charges. Banks will have to secure their customers’ consent before charging large overdraft fees on ATM and debit card transactions, says the AP News.

Payday Pundit makes a good insight on this move by the Federal Reserve:

“The Fed, of course, objects to the creation of the CFPA so is trying to demonstrate that it has teeth before Congress takes away some of its responsibilities.”

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