Author Archives: Farrah Lamoreaux

The phrases “Electronic Funds Transfer Act” and “Regulation E” may at first blush sound like complicated banking speak, but they are actually simple to understand and important to make note of, as both could affect your current overdraft protection choices.

In November 2009, the Federal Reserve issued final rules amending the Electronic Funds Transfer Act, also known as Regulation E. The new rules limit a financial institution’s ability to charge overdraft fees on ATM and one-time debit transactions that overdraw a consumer’s account, unless they have obtained the consumer’s affirmative consent, or “opt-in.” The new rule applies . . . read more Read More