The Federal Reserve Board issued final rules under Regulation E that prohibit financial institutions from charging consumers fees for paying overdrafts on one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions.
The Federal Reserve recently announced that the Federal Reserve Bank of Cleveland will become the single processing office for paper checks during the first quarter 2010. At that time, all checks will be considered local subject to a regular two-business day hold (unless an exception hold applies). >>Click here to for more information.
