WNEG-TV

WATKINSVILLE - [watch] New federal regulations are on the way that will change the way we bank You may have already heard about the new 'opt-in' policy for overdraft protection. Beginning August 15th, banks must have your verbal or written consent that you want them to overdraw your account when you have insufficient funds.

WNEG's Amelia Hines has more on this new policy and it's goal to increase consumer awareness.

Most of us have been there before...down to the last couple of dollars in the bank account.

You're in the check out line and hope you don't get the dreaded "DECLINED" message when you swipe your card.

For years we've been saved by costly automatic over-draft protection. But now, new federal regulations will require you to opt-in for overdraft protection beginning August 15th. "August 15th is right around the corner. And what happens is that school is starting and people get a lot of things on their agenda. But it's still important to take care of your account at any bank you bank with."

Marisa Reynolds at Oconee State Bank in Watkinsville says that in June, they mailed 4,000 letters to customers alerting them of the approaching changes to overdraft protection. She says those letters have prompted calls from several customers who want to be sure they understand what the opt-in policy will mean.

"This service says basically do you want my check paid or my ATM or debit card transaction covered and allow me to overdraft. So, you're telling us that that's okay to do that and you can charge me a fee."

At Oconee State Bank customers can simply call a branch to opt-in, go online to the bank's website, or visit a branch in person. "So, now options are available and you can cater them to your needs."

Reynolds goes on to say that this new opt-in policy for overdraft protection is a benefit on more than one level because it improves communication between the customer and the bank.