If you want to open a new checking account, wait just two more days. After Thursday July 1st, banks will be required to obtain you permission before automatically enrolling you in overdraft coverage. This deadline only applies to new accounts though, so for your existing account you have to wait until August 15th for the law to apply.

Consumer Federation of America released information today to help consumers decide whether to opt-in to bank overdraft fees for debit card purchases and ATM withdrawals. The survey covers the largest fifteen banks’ overdraft fees and limits, reviews bank overdraft opt-in forms, and calculates the total cost to consumers of a single debit card overdraft.

Read CFA's data on bank debit card overdraft total costs and APRs.

CFA also put together a wildly informative brochure for consumers who are confused about this issue. The brochure includes info about the new overdraft rules and how they affect you, what happens if you don’t opt-in and includes information about other options for covering overdrafts, which your bank may not tell you about.

Print out the brochure and give it to all your friends!