WASHINGTON (12/4/09)--The Credit Union National Association (CUNA) has analyzed a final rule by the Federal Reserve Board that would require consumers' affirmative consent (opt-in) before institutions could charge overdraft fees for ATM and one-time debit card transactions. The opt-in right applies to all account holders, including existing ones. However, before opting-in, the consumer must be given a notice explaining the overdraft service, including fees and the consumer's choices. The final rule also includes a model notice that is to be used. Financial institutions cannot require the opt-in as a condition for paying overdrafts for checks or other transactions, and consumers who do not opt-in must be provided with the same type of account that is provided to those who do opt-in. Consumers will have an ongoing right to revoke the consent. The final rules will be effective as of Jan. 19, 2010, and compliance will be mandatory as of July 1, 2010. However, fees may be assessed until Aug. 15, 2010 on accounts that were opened before July 1, 2010, regardless of whether the consumer has opted-in to the overdraft plan. For the full analysis, use the resource link. The Federal Reserve Board will discuss its recently enacted final rules on overdraft protections during its "Outlook Live" Audio Conference, which is scheduled for Dec. 10 from 1 until 2 p.m. ET. Use the link to register for the conference.