Yesterday the Federal Reserve issued a simple guide explaining the new rules regarding ATM and debit overdrafts. Click here to review the guide. Under the new rule, bank customers will have to opt in to have certain overdrafts covered. Despite the efforts of banks and the government to get the word out on this change, you know there will be a lot of people who “don’t get the memo.” We expect to see many disgruntled consumers come August when the regulations take effect. Rather than covering overdrafts, the banks will decline them and the consumer will be hit with bounce fees from his creditor and potential embarrassment from having an empty account. Look for the Law of Unintended Consequences to apply. In the meantime, study the guide and even the rules to make sure this does not happen to you.