banks are planning to gash you for more overdraft fees

from http://www.propublica.org/blog/item/read-documents-reveal-one-banks-plan-to-squeeze-customers-for-more-overdraf

In recent months, rules from the Federal Reserve have made it harder for banks to impose hefty overdraft fees when customers try to make debit transactions or ATM withdrawals without enough money in their checking accounts.

Before the rule change, banks could automatically sign up customers for what they often referred to as overdraft coverage or overdraft protection. The so-called "protection," it's worth emphasizing, isn't from overdraft fees themselves—it's from the potential embarrassment or hassle that comes when a transaction is rejected due to insufficient funds. The "protection" also allows the bank to collect hefty fees for covering such transactions.

But if the past is any indication, banks will go to great lengths to protect those fees, which are big business. As the New York Times recently reported, banks make more on those fees than they do on penalties from credit cards.

rest at http://www.propublica.org/blog/item/read-documents-reveal-one-banks-plan-to-squeeze-customers-for-more-overdraf