Uh-oh, another $30

A new policy about bank overdraft policies will take effect next summer, and it's long overdue.

The Federal Reserve has ruled that financial institutions will no longer be able to charge customers overdraft fees on debit cards and at ATMs unless the customer agrees.

In the last decade, most banks started "bounce protection" programs by which they will cover overdrafts, but they charge up to $40 per item. They presented it as a "service" to customers, but never asked if their customers wanted the service. In reality, bounce protection is a loan with exorbitant interest that the customer never agreed to.

Let's say you tried to use your debit card or write a check for a $10 meal and you didn't have enough money in your account. The bank would let the transaction go through and – without warning — charge you $30 or $35 even if you never signed up for overdraft protection in the first place. This could happen several times in a day, with a fee charged for every transaction. The fees can dig quite a hole for people whose bottom lines are already shaky.

Those with electronic banking accounts may notice that their balance often includes $250 or so from "bounce protection," making people believe they have more money available to spend than they really do. Uh-oh, here comes another $30 fee.

Under the new Federal Reserve rule, financial institutions must get your okay by next July 1 if you want to opt in for overdraft protection for debit cards and ATM machines.

Some think the new rules don't go far enough since banks will still be able to charge bounce fees for checks or for debit charges arranged to pay regular bills. U.S. Congress is also looking at ways to control these charges.

Since the use of debit cards has skyrocketed and bounce fees will amount to some $25 billion this year, it's a big money game that really does affect whether families can put food on the table.