By: Karrie Leggett
HATTIESBURG, MS (WDAM)- From now on, whey you try to make a purchase or withdrawal with your debit card and there aren't enough funds in your account, the transaction will be denied.
This new rule took place Sunday. The new rule could prove frustrating or even embarrassing but at least you will not be stuck with overdraft fees that can reach as much as $40 per overdraft.
These fees made banks and credit unions $37 billion richer last year.
That money will be missed but institutions will try to make up for it by pushing customers to buy debit card overdraft protection plans, where the bank charges $10 to $15 to transfer money to cover a debit card transaction.
More new rules on credit card fees take effect next Sunday. The most notable of which are late payments fees that will be reduced from $39 to $25.
Credit card companies will no longer be allowed to charge you inactivity fees for not using your card, and they can't just raise your interest rates flat out, they must tell you why in writing.