They must also provide clear pre-election and post-election disclosures about overdraft protection. In 2009, the Federal Reserve amended Regulation E to require that customers “opt-in” to overdraft protection. Your credit card or line of credit will then act as a safety net in case of an overdraft.
To activate this feature, you must link your checking account with another deposit account or credit card. It’s important to know how to reverse an overdraft before it happens. It’s a way to prevent you from going overdrawn by charging purchases you don’t have the money to make. A TOT ODP/SWP CR MEMO is the charge that appears on your monthly bank statement if you are subject to overdraft protection.
