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Credit.com. what's so interesting is before if you didn't have enough money in your account your bank would just cover it, and then they would charge you an overdraft fee. but that's changing. right? >> that's where all those hilarious stories about $75 ice cream cones came from, because you would pay the overdraft fee, then pay the fee to the merchant for essentially bouncing the chuck, if you will. that's right, basically after august 15th, every single person has to proactively opt in if they want that overdraft protection, or the alternative is when you swipe your depp bit or check card if...

The small businesses need to get their lending. i can't tell you how many small businesses i hear from saying, carmen, i can't get a loan. i can't get anywhere. the businesses go under that is 50 more people without a job. something needs to be done. >> meanwhile, we are getting these reports that banks are looking at not on the financial regulatory reform, which is going to haul them back from a lot of the fees they were getting. >> oh, yeah. >> case in point, the banks that signed you up for overdraft protection, got money out, you accidentally overdrew your account, oh, whoops, $30 fee. the...

That's thousands of pages. it is very complicated stuff. i want you to help me explain to the average family out here, the average consumer, let's start with this. there is a new consumer protection agency in this bill. for somebody next week or once this becomes law is applying for a credit card say or a new mortgage how does it affect them? >> very favorably. it's the best additional consumer protection we've ever had. while it's in the federal reserve it is independent. it will receive its mail at the federal reserve but nobody in the federal reserve system will be allowed to open it. it wa...

Bank encouraging you to enroll in this overdraft protection. banks can't automatically sign you up for it anymore. now you have to opt into it. before you sign up, you need to read between the lines. you need to talk to our financial analyst clyde anderson. >> how are you? >> i am well. you have to opt? >> yes. >> now, why are they coming at us right now with all of these letters and what not trying to get us to opt in? >> the rules of the game have changed now. as of july 1st they had to do this. this was a new law that came into play that say they have to notify customers an give them the op...

Account to cover it they're going to pay for it but charge you $35 generally. >> that's one thing if you write a check that was maybe or your rent and that was a couple thousand dallas or whatever it may be, but if you just went to starbucks and you got a $5 cup of coffee, that's going to end up costing you 40 bucks. >> 40 bucks. a high-cost latte. a lot of people don't think about that. burger, $40 for a ham bugger because maybe you didn't monitor the account well. >> who would you represent this for still? i guess it could protect some people. >> definitely can protect you. again, you're tal...