New opt-in overdraft protection rules
Our friends at the Federal Reserve have issued new rules for banks that force all banks to provide overdraft protection on accounts only if the account holder has explicitly opted-in. The new rules take effect next July. Great. Haven’t regulators learned that giving banks plenty of time before a rule takes effect allows them to find ways to work around the rules before the take effect? We saw this with the new rules on credit cards that take effect in January. Most banks raised rates before the new rules take effect or converted accounts to variable rates to get around the new rules.
Legal & regulatory | admin November 12, 2009
