Fed issues overdraft-fee rule

11/13/2009 | CNNMoney

The Federal Reserve on Thursday issued a rule that prevents consumers from being automatically enrolled in overdraft-fee schemes. As of July 1, consumers must be asked if they want to opt in for such programs. The industry opposed the move. "It radically changes and alters the overdraft services for consumers. The result will be confusion and embarrassment and frustration," warned Scott Talbott, senior vice president for government affairs at the Financial Services Roundtable.

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