Banks have drawn a lot of fire in the last couple of years, and one of the big targets of regulators, consumer advocates, and lawmakers has been the practice of charging debit card overdraft fees.

Under new Federal Reserve rules going into effect this summer, banks will have to get you to opt in to their debit card overdraft services before they can charge you automated overdraft fees. The rule responds to a growing trend among banks to allow customers to overdraw their checking accounts with debit cards and then charge them for it. The typical fee is $34 for each overdraft, according to the Center for Responsible Lending. Consumers who don't monitor their accounts closely can easily rack up more than $100 in a day just in fees, even if they overdraw their accounts by only a few dollars each time.

As the deadline for the rule change approaches, banks already are beginning to change their overdraft policies, and later this year will market their services to get you to opt in. Here's what you need to know.

What the Fed Rule Doesn't Cover

The new rule applies only to debit card overdraft services, and it doesn't limit the number of automated overdraft fees banks or credit unions can charge in one day, even if the overdraft is small. So if you opt in to the program, you could still rack up two or more overdraft fees in one day if you're not careful.

Consider Other Overdraft Options

If you keep your checking account loaded with cash to earn interest, then you don't have to worry about overdraft fees, but if you run your account close to the line, then consider enrolling in an overdraft protection program that links your checking account to your savings account or to a credit card. Fees for linked-account and overdraft line-of-credit programs were typically lower than for automated overdraft programs, a November 2008 FDIC study found. In fact, almost half of the banks with linked-account programs reported charging no fees for the service. The most common fee in such a program was a transfer fee, which typically amounted to $5. Keep in mind if you link your credit card to your checking account for overdrafts, you'll pay interest.

If You Don't Opt In...

Your bank cannot penalize you if decide not to opt in to its debit card overdraft program. Banks and credit unions must provide you with the same account terms, conditions, features, and pricing they provide customers who do opt in, according to the Federal Reserve rules. If you don't opt in, the bank can't charge you a fee if it pays on an ATM transaction that overdraws your account.

If You Opt In...

If you decide you can't do without the overdraft service on your debit card, then read the bank's policy carefully. Know how much the fee is and how often it can be charged.

Finally, expect to hear more about overdraft fees. Congress is considering legislation that will further limit overdraft fee practices, so more regulations could be on the way.

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