Wednesday 05, May 2010 by

Mandatory opt-in forces changes in banking

More than 1800 banks and credit unions made changes in how they handle overdrafts since Regulation E, mandatory opt-in for debit card and ATM overdrafts, was made a requirement by the Federal Reserve on 11 November 2009. Of all the financial institutions surveyed, 11.4 per cent either increased price, decreased price, began offering or stopped offering overdraft service. These results come from a nationwide statistical survey of more than 2000 banks and credit unions conducted in early March 2010 by Moebs $ervices, a US-based economic research firm.

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