Sorry Sir, but your card was DECLINED!!

NOT COOL!

But this is something that would be troubling to hear when trying to use your bank debit card (or ATM).. Right?

If you were on a date... "He was sooo not cool!"
If you were out with your family at dinner..."Dad, are we broke?"
If you were trying to buy groceries...."his poor family."

But one of these scenario's could very well happen to you -  if you don't choose wisely on or before AUG 15, 2010 and it will be here before you know it..

In an attempt to protect YOU from bankers, the Federal Reserve has passed new overdraft rules for debit and ATM cards requiring YOU -THE CONSUMER to agree to a banks OVERDRAFT fees.

This is fine and I am a proponent of actually knowing what we charge...BUT don't be deceived.

Whether you agree with the fee or not isn't the issue..  If you don't OPT IN then your bank (regardless of the bank) will likely not pay you into an overdraft.  This can be good or bad for a consumer - and this is why you get to choose.  Just keep in mind that all banks are not created equal when it comes to how they disclose and handle this new regulation.  So, Check with your bank and read their opt in/out authorization forms.

I suppose it forces a consumer to use their account wisely (HELLO..! you should be doing this already!) and this is a good thing.  In reality, a very small percentage of customers have insufficient funds or are regularly overdrawn, but many people will inadvertently make a mistake - so you still need to OPT..

Here is an example of the OPT IN AUTHORIZATION FORM you'll see from our bank.  It comes straight from the Federal Reserve and I expect other institutions will follow suit.  Just be aware and take care of this before the deadline..

SAVE THIS DATE: Aug 15, 2010

JayTheBanker