This is some great information from AFFIL that I had to share with you.
Starting on August 15, your bank cannot charge you overdraft loans unless you authorize them to. This is great news - no more surprise $34 charges for overdrawing your account by $1! Instead, transactions will be declined at no cost if you don't have enough money in your account.
But, your bank or credit union will probably try to convince you to opt-in to overdraft "protection." In 2008, banks made almost $24 billion on overdraft loans, and they're going to miss this cash. To keep it coming, they may try to convince you to enroll in overdraft protection which will trigger a huge fee for each small overdraft. This is a bad deal for you, but a great deal for them.
It's easy to protect yourself -- just do nothing! Don't opt-in to overdraft protection, and make sure your friends and family don't either.
If you think you are likely to overdraw your account, talk to your bank or credit union about another option.
Sign up for a line of credit
Link your checking account to your savings account or credit card
Read more about these options from the Center for Responsible Lending (and check out their funny overdraft video while you're at it).
Your bank may already be asking you to opt-in to an overdraft program. Don't fall for it. Just do nothing when they ask you to opt-in.