New rules block overdraft fees

Progress! At last!

The Federal Reserve has finally adopted new rules that would prohibit banks from charging overdraft fees on ATM or debit card transactions.

This crimps banks that scam consumers by giving them money at ATM's when there's not enough in their account, and making them pay an overdraft fee later. This also means banks will process transactions in chronological order. Starting with the largest transactions trapped customers with less money into overdrawing their accounts without even realizing it.

My hope now is that banks won't find an ingenious way around the new rules. You know a big bank somewhere must be trying. It's like when your school principal glares at you while thinking of new dress code provisions to outlaw your new shirt. If banks do try to get around the new regulations, we'll be on their case again.

(Source: http://www.marketwatch.com/story/fed-adopts-strong-rule-blocking-bank-overdraft-fee-2009-11-12)