What this means for consumers:

A new rule that takes effect Thursday prohibits banks from automatically enrolling new customers in overdraft coverage programs. On Aug. 15, the rule will apply to existing accounts. In response, many banks are telling their customers to "opt in" or "opt out" of their overdraft loan programs.

Opting in: Banks will cover overdrafts from ATM withdrawals and debit card transactions and charge fees of up to $30 or more per transaction, though rates vary by bank.