Foreigner's Finances

2010 means new bank, credit card, and financial regulations for consumers. Many of the regulations that will go into effect have the consumer in mind, unfortunately, they’ll also cause the banks and credit card companies to lose a around $50 billion in revenue that they’ll need to make up somewhere else.

It’s important that all consumers know where the banks and credit card companies will be losing money this year, and where they’ll attempt to make it up so we don’t get gauged with hidden charges.

The Wall Street Journal goes more into depth about the specifics that consumers should expect in 2010 in a must-read article for any consumer.

So what actions should consumers take to make sure they’re ready for the new legislation in 2010?

Here are 5 to keep you ahead of the game.

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As some of you may know, the Federal Reserve recently banned overdraft fees for ATMs and debt card purchases. Starting in July 1, 2010, customers will have to choose to opt-in to overdraft protection or else they will be denied at the register if they attempt to purchase an item without enough money in their account. Banks will also be required to make the details of the overdraft fee protection available and clear to the consumer.

At first, this appears to be a big hooray for the consumer. But the more I thought about the move, the more I disagreed with its intended motives.

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