5 NSF changes on debit cards starting July 1, 2010

Our program is automated, instant and fast. Offering $1,500 Cash in as fast as 1 Hour!

With all of the new credit card rules starting to take effect in early 2010, you may be wondering what and or how they will affect you. And if you are like many Americans, you may begin to realize the hype maybe larger than the protection. One important aspect of the new rules is their affect on debit cards and NSF fees. Here are what consumer protections the Fed rules introduce regarding debit cards and NSF fees

1. Opt-in for ATM and debit-card transactions... Financial institutions are now required to provide new and existing customers with the right to opt in to the institution's overdraft service for ATM and one-time debit-card transactions. This is different than opt-out as the banks will have to do the leg work in getting their customers to agree to NSF fees.

2. No opt-in required for checks and recurring electronic payments There is an assumption that checks are written typically for larger purchases and that the consumer is more knowledgeable of their bank account balance. With bill pay there is also another assumption, that if you set-up automatic withdrawals or ACH payments, you most likely will have the money available monthly to satisfy this reoccurring debit charge. Therefore, financial institutions ALSO cannot decline payment of checks or ACH transactions that overdraw accounts. So even if you do not opt into the overdraft protection program, you will still be hit with an overdraft fee if a check or ACH payment causes an overdraft.

3. All customers must be treated equally Financial institutions are prohibited from offering better terms of service (i.e. lower fees) for customers/members who opt in to their overdraft programs. So if the financial institution has a $25 overdraft fee for checks, it cannot offer a $15 fee for its opt-in customers only.

4. No action on debit-hold concerns When a merchant places a hold on funds in a consumer's checking account (i.e. when you use your debit card to book a hotel or even fill up on gas), that debit hold may cause an overdraft on the consumer's account and result in a NSF. But the Fed rules have not adopted the proposed provisions on debit holds and are looking more extensively into how to address this issue.

5. No limit on the number of overdraft fees The bills introduced by Dodd and Maloney would limit the number of overdraft coverage fees banks can charge to one per month and six per year. The Fed rules do not address that issue.

Rules go into effect July 1, 2010 for new accounts, and August 15 for existing accounts.

Apply now for your personal loan

Safe and Secure

At MoneyNowUSA.com - We work hard to protect your personal information and privacy. We use VeriSign 128 bit encryption technology to ensure that the transfer of your data is safe. Our HTTPS protocols make certain that your personal information, like social security and bank information, is completely protected. We are supported by: