Federal Reserve System: Electronic Fund Transfers
GAO-10-285R: Dec 7, 2009
- Full Report:
GAO reviewed Board of Governors of the Federal Reserve System's (Board) new rule on electronic fund transfers. GAO found that (1) the final rule limits the ability of a financial institution to assess an overdraft fee for paying automated teller machine (ATM) and one-time debit card transactions that overdraw a consumer's account, unless the consumer affirmatively consents, or opts in, to the institution's payment of overdrafts for these transactions; and (2) the Board complied with applicable requirements in promulgating the rule.