What has changed with Regulation E related to overdraft services?
As of August 13, 2010, consumers who have a checking or savings account and have not consented (to “opt in” or say “yes”) to allowing their bank to authorize and pay ATM and everyday debit card transactions into overdraft will have these transactions declined if there are not sufficient funds to cover them. “Everyday” debit card transactions are typical transactions most people make in daily shopping. “Recurring” debit card transactions, not affected by the Reg E changes, are automatic withdrawals authorized on accounts using a debit card, such as a monthly car payment. The Regulation E overdraft change applies to ATM and everyday debit card transactions only.
