If you're in your 20's (meaning you totally live beyond your means) then you hate overdraft fee's as much as I do! When a fucking $2 purchase turns into a $32 purchase it makes me want to go on a serial killing spree at my bank!
The Federal Reserve took action to curtail the widespread use of overdraft fees Thursday. Financial firms will no longer be allowed to automatically hit customers who charge a $2 cup of coffee with a $40 overdraft fee. Account holders will have to opt in to overdraft protection for debit card and ATM transactions. If they don't opt in, their cards will be declined when they try to spend too much. That won't be true for checks and automatic billing, which tend to be high-priority payments (like bills and mortgages) that customers want to go through, regardless of fines. Although the news will surely delight anyone who has ever paid $42 for a cup of coffee, consumer advocates warn that it may not save customers very much money in the long run. They expect banks, which rely on easy money from overdraft fees, to find ways to replace the lost revenue, perhaps by charging for traditionally free services, like checking accounts.
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