Page 11 - Overdraft Protection News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Starts and permits for future building. some big changes taking effect today will impact your beb dis and atm cards. more details including what you need to know on that in just a moment several retail giants will report their earnings this week and they include home depot, target and walmart. >> let's get to it right now. the rules, the new ones taking effect concerning your debit and atm cards and those details on what this means from your personal finance expert carmen wong ullrich. good morning. >> good morning, alex. >> what is different under the new rules. >> what's different in the p...

It almost looks like anybody who had the wherewithall to buy a home over the last few years, has done it. and now housing is very closely linked to unemployment and linked to confidence. it's obviously a big purchase and people are saying, unless i have to move from my job or for some other reason, i just want to sit tight and see where this economy is really going to go. i mean you can't blame people. that's a prudent thing to do. >> let's get to this new atm and debit card situation that goes into effect, the overdraft and fees. for this nation we've all turned to i don't know, how many peop...

Let's get to the federal reserve and the options. you can opt in for the overdraft protection and who should do that and who should not? >> nobody should opt in. it is ridiculous, and absolutely ridiculous, but some of the banks are reporting 80% opt-in rate, because they are scaring the consumers to opt in and you are charged $30 to $40 per transaction when you go over. so when you opt in, you are agreeing to pay this ridiculous crazy fee. >> wait a second, what if you try with the atm and debit cards and you fry ttry to get money, you don't have money, you won't get a fee for trying? >> no, ...

Is charging you. and you could rack up hundreds of dollars for overdrawn fees and you could also be hit with additional charges per day that you go over. >> but for a cup of coffee and depending upon how addicted you are. that would be me as vera well knows. now, the banks are pushing this big time. >> yes, in my neighborhood, and not to name names, but xhas cha pushing it. they are telling the customers sign up now and you want to be protected and even saying to the customers, we won't cover you in an emergency situation unless you have the overdraft protection and are you sure you want it. t...

Or more. you wouldn't know about until you get your statement. next week customers have to request overdraft protection, otherwise if you charge more than you have in your account, the purchase won't go through. greg mcbride will tell us what it means. senior financial analyst at bankrate.com. the problem was if you -- maybe you're withdrawing 20 bucks and only have 18. they charge you $38.50 for the service. that was bad. >> a lot of people stopping off on the way to work this morning, they get a latte and scone and didn't have enough in the account. got hit with a $30 overdraft and breakfast...