Overnight overdraft policy changes

Wednesday, April 25, 2012 at 12:45PM
Banking Spectrum in Operations

Earlier this month, the Federal Reserve Board announced two modifications to its overnight overdraft policy that will take effect on July 12, 2012. These modifications are (1) a change in the reference rate for computing charges for overnight overdrafts from the effective federal funds rate to the primary credit rate and (2) a multi-day charge on overnight overdrafts incurred immediately before a weekend or holiday.

Article originally appeared on Banking Spectrum (https://www.bankingspectrum.com/).