Instead of lumping a day’s worth of debit card and A.T.M. transactions together and then processing the highest amounts first — a practice that has caused large numbers of consumers to overdraw more quickly and pay more fees — it will credit the transactions chronologically. Chase also plans to allow customers to opt out of overdraft coverage [and] will cap the number of overdraft fees it charges a day to three. It will stop charging fees when accounts are overdrawn by less than $5.

If this really happens it’s a huge win for consumers. I can’t believe it’s legal to chronologically reorder transactions under any circumstances. Chase burned me earlier this month and I had a great argument with a customer service rep about who it was really benefitting. They wound up refunding half my fees but the whole thing was still a total scam. The Times had a longer article a couple weeks ago that summarizes the situation well.