Fed bans ATM, debit-card overdraft fees

federal-reserve

The Federal Reserve on Thursday outlawed banks from charging fees on overdrafts resulting from ATM withdrawals and one-time debit card transactions.

The Fed said the measures would apply unless customers consent to such charges.

Ben Bernanke, the Fed's chairman, said that the rules represented "an important step forward in consumer protection." He added that both new and existing customers will be able to make informed decisions about whether to sign up for charges.

The rules prohibit banks from

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