However, it’s unclear how quickly this new “opt in” regulation will go into effect. "Bank of America customers should say ‘no thanks’ to expensive overdraft loan programs linked to their debit card ... Overdraft loan programs are an expensive and abusive form of credit. Until the Fed issues strong new regulations and those new rules are finally implemented, consumers should check with their bank to find out if they can opt out of high cost overdraft programs." Bank of America and most major banks automatically enroll customers in so-called ‘overdraft protection’ programs, which are really high-cost loans that cost consumers billions of dollars every year. Full Article at Kansas City Infozine