Overdraft fees could be thing of the past, if you like

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Big changes are coming to your bank as soon as this Sunday, overdraft fee's may become a thing of the past, if you want them to be.

Maybe you've been there, going to the ATM for much needed cash but come up empty, and get slapped with an overdraft fee to boot.

But soon, that charge, will be optional.

"As of August 15th all existing checking accounts in the United States will be impacted by this amendment to regulation E," Gant George of BBVA Compass Bank tells us regulation E was changed under new federal guidelines to give the customer a choice.

Do you want to be apart of your bank's over-drafting program or not. Before we never had a choice. If you over drafted on your account, an additional fee was coming your way.

Now, if the funds aren't there, you have the chance to stop that transaction before it even takes place.

"Clients will need to proactively or affirmatively give banks their consent to allow them to participate in their standard over draft practices," says George.

If you need the money and don't mind the extra charge the program is for you. If you don't want the extra charge that comes with over drafting and don't need the extra cash, you can opt out. Customers give the idea mixed reviews.

"I think people should have their choices to make. If they choose to go over draft and the bank want to make money off them that their choice," says Beverly Shapiro.

"For students like myself I don't know how to manage my money and I've suffered bad consequences," says Hannah Shapiro.

Come Sunday the choice is yours.