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5 Ways to Curb Bank Overdraft Fees by Diana Ransom Wednesday, June 2, 2010 Consumer banking has grown friendlier over the last few years. Most retail banks have done away with annual fees and account minimums on basic accounts. Some now regularly offer cash incentives and other gifts just for signing up. However, banks have long refused to budge on their ultra-lucrative policies on overdraft fees. Now, that's changing too. On July 1, new federal rules will require banks to ask customers to opt in for overdraft coverage -- a line of credit that kicks in when account holders make purchases that exceed their available checking and debit account balances. To lure customers to their programs, some banks are trimming their overdraft fees. Currently, such fees average $34 per debit transaction or ATM withdrawal, according to the Center for Responsible Lending. However, under the new law, if account holders don't opt in, banks won't be able to cover their charges when thei...