Golden Sun eXtra Your Local News Source, Mohave County, AZ

Plenty of people have complained about overdraft fee's from their banks. Many of us are tight on money and end up using more than what's in our account and then get slapped with overdraft fees.

Starting in July, a new rule brought on by the Federal Reserve will require banks to ask permission to allow customers to spend more money than they have in their accounts.

Banks will be required to notify new and existing customers of their overdraft services and give customers the option of being covered. If customers don't "opt in," any debit or ATM transactions that overdraw their accounts will be denied, Fed officials said. This will prevent on small overdraft from triggering an expensive domino effect.

An employee at JPMorgan Chase in Mohave Valley said customers will have to "opt out" to prevent the bank from over drafting your account and charging the fees. He said the negative effect will be if you go to a restaurant to eat and attempt to use your debit card to pay out and there is not enough money in your account, you may end up cleaning tables and washing dishes to pay for your meal before they let you leave. (Sounds like a positive to me)

Many larger banks, including Bank of America Corp., JPMorgan Chase & Co., U.S. Bank and Wells Fargo & Co. began instituting similar "opt-in" plans in late September after coming under fire for the fees.

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