are things great better

By Jennifer Liberto, CNNMoney.com senior writer
Last Updated: November 12, 2009: 4:57 PM ET
Fed chair Ben Bernanke releases new rule on overdraft fees.
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WASHINGTON (CNNMoney.com) -- The Federal Reserve on Thursday released a new rule to prohibit banks from automatically enrolling customers in overdraft protection programs, which charge fees when consumers spend more than they have.
Starting on July 1, 2010, all banks will have to ask their customers to opt in to overdraft protection plans for ATM and most debit card transactions.
Some banks charge as much as $39 when customers overdraw their bank account by even a few dollars.
"The final overdraft rules represent an important step forward in consumer protection," Fed Chairman Ben Bernanke said in a statement. "Both new and existing account holders will be able to make informed decisions about whether to sign up for an overdraft service."
Currently, more than 75% of banks automatically sign customers up for overdraft programs, according to a study by the Federal Deposit Insurance Corp.
The new rule only affects overdraft fee services on ATM and one-time debit transactions. Banks will still be allowed to automatically enroll customers in overdraft services for personal checks and automatic transactions like monthly bill payments.
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Congress is also weighing action to clamp down on overdraft fees. On the legislative agenda are proposals to force banks to ask customers before they automatically enroll them in overdraft programs.
The congressional bills are tougher than the Fed's rules.
The Senate would empower banking regulators to set overdraft fees in a way that is "reasonable and proportional" and disclose to consumers details about how an overdraft charge was incurred and what can be done to fix an account balance on the same day the overdraft fee is charged.
The House would cap the number of times banks can charge overdraft fees at three a year. It also would force banks to tell customers when an account is on the verge of being overdrawn, so they can decide whether a purchase is worth an overdraft fee.