WASHINGTON - After years of debate, the Federal Reserve Board on Wednesday formally decided to start charging fees when banks overdraw their Fed accounts during the business day.

The board also adopted a sweeping change in the way banks account for check clearings.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.