There are other ways you might protect yourself from overdraft fees, including:

Opt for traditional overdraft protection. You'll have to sign an agreement with the bank to have your checking account linked with your savings account or a line of credit. The bank will pay the overdraft. Fees may be per item or annual, but they're usually fairly small, in the $10-to-$20 range.

Opt out of the plan. Tell the bank that you do not want courtesy overdraft, bounce protection or whatever they call it. If you're automatically enrolled and you want out, tell them. If they say it can't be done or they don't do it in a timely fashion, call back and speak to someone higher up the food chain.

Improve your record keeping. Be diligent about recording withdrawals. It's too easy today to take money out at the ATM and forget to note it in your checkbook register. If you only check your balance online or by phone, make sure you do it frequently and especially before you're about to use your card. If necessary, consider keeping some extra money in the account as a cushion.

For additional information on protecting yourself against overdraft fees, visit the Federal Reserve's Web site.

What's ahead?
Both the Federal Deposit Insurance Corp. and a House bill are examining overdraft programs. Here's what they hope to achieve:

The FDIC is studying overdraft programs and how consumers are using them. The data are expected to be released some time in 2008.

The Consumer Overdraft Fair Practices Act (H.R. 946), proposed by Rep. Carolyn Maloney, D-N.Y., is winding its way through Congress.

Here are some of the provisions as currently written: • No overdraft protection fee could be imposed on a consumer transaction account unless the consumer provided specific written consent. • The written agreement must clearly disclose, among other things, the amount of any fee imposed in connection with paying an overdraft, the time period in which the debt must be repaid, the circumstances under which the institution will not pay an overdraft. • Overdraft fees would be considered finance charges and, as such, an annual interest rate would have to be disclosed. • At an ATM, the consumer would have to be given notice after a transaction is initiated, but before the consumer is irrevocably committed to completing the transaction, that the electronic fund transfer requested will result in an overdraft protection fee, and the amount of the fee.