Rates Uncovered - New rules

The Federal Reserve, finally, that banks be prohibited from charging new fees at ATMs open standards and one-time debit card transactions without the consent of the customer.

The new rules, which take effect in July 2010 first appears in response to growing consumer dissatisfaction with the tax collected found that often do not realize until they receive their monthly bank statement. The banks have so far discovered security fee automatically most accounts, regardlessthe amount that was withdrawn.

Under the new rules, consumers need to explain a notice of open financial services institution, is also given an explanation of the costs associated with services.

The Federal Reserve took this decision mainly on investigations that bank customers want only the current account services when they know the details of what is required, it is based. However, some consumers want to ensure security services discoveredSome time-critical payments such as rent and bills are covered, provided they know the charges.

The Fed rules are mostly in line with the new trend, some banks have already started moving in the direction. In September, Wells Fargo & Company (WFC - Analyst Report) said that no taxes from customers when they overdraw their accounts of $ 5 or less. Later, in October, Bank of America Corporation (BAC - Analyst Report) announced that in order to eliminateFees when a customer's account is less than $ 10 found in a single day.

Congress wants tougher rules for the future. Very soon, the Senate Banking Committee to discuss a law that go beyond the overdraft fees. Keep an eye on.

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