MONROE — Consumers are fed up with a $2 purchase incurring $35 in bank fees, and the Federal Reserve has stepped in to help.

According to a new rule announced by the Fed, banks will have to secure their customers’ consent before charging overdraft fees on ATM and debit card transactions.

The rule responds to complaints from consumer groups, members of Congress and regulators that the overdraft fees are unfair because many people assume they can’t spend more on a debit card than is available in their account. Instead, many banks allow the transactions to go through, then charge fees of up to $25 or $35.

For small purchases, such as a cup of coffee, the penalty can far exceed the actual cost of the transaction.

Under the Fed’s new rule, which will take effect July 1, banks will be required to notify new and existing customers of their overdraft services and give customers the option of being covered. If customers don’t “opt in,” any debit or ATM transactions that overdraw their accounts will be denied, Fed officials said.

N.C. Attorney General Roy Cooper has long supported more protections for consumers and lauded the moved by the Federal Reserve.

“Consumers must be protected from these harsh fees,” he said in a released statement. “This is positive step, but Congress needs to act to make these rules even stronger.”

Bank representatives said, while the new mandate might sound good for the cardholder, there could be unforeseen consequences down the road.

If the purchase is for gas to get home, or if a businessman is entertaining a client, the penalty might be worth the transaction, argued George Dick, marketing director for Fifth Third Bank. “It’s not a one-size-fits-all answer,” he said.

Dick added that some of the responsibility should fall on the consumer. “There is no substitute for keeping track of the money you have,” he said.

Sometimes the situation can be out of the customer’s control. A cardholder might deposit a bad check, then spend money he or she thinks is available. The merchant will accept the transaction, but any overdraft fees will fall on the cardholder.

“Sometimes it’s out of your hands,” Dick said. “But a lot of people just don’t keep track.” In that situation, Dick said the “banks are kind of caught in the middle,” because they have already given a merchant money for the purchase.

Banks earn as much as $25 billion to $38 billion annually from overdraft fees, Fed officials said, but that total includes check overdrafts.

Fed officials also said that many consumers want checks and regular electronic bill payments to be covered. These are to cover mortgage or car payments, for example. Dick said the bank recommends setting up an overdraft protection system that links a checking account to other accounts. When an overdraft happens, the money is taken from that other account for a smaller fee, $10 in Fifth Third’s case.

Fifth Third recently changed its policy to not charge an overdraft fee if the account is overdrawn by less than $5, Dick said.

Other larger banks, including Bank of America, JPMorgan Chase and Wells Fargo also have said they plan to reform their practices after coming under fire for the fees.

But consumer groups and other regulators, including Federal Deposit Insurance Corp. Chairman Sheila Bair, said new rules are still necessary to ensure smaller banks follow suit.

The American Bankers Association said the rule addresses consumers’ main concerns about overdraft fees.

Congress has passed similar regulations for credit card companies. Effective in February, consumers must waive their rights before credit card companies can allow them to exceed their credit limits and tack on an additional fee. If consumers do not waive that right, then credit card companies will decline charges on maxed-out accounts.

The Consumerist, a sister Web site to Consumer Reports, reported that credit card companies, specifically Capitol One, are calling cardholders and offering a discounted overdraft fee if they agree to the new terms. The Consumerist warns against accepting the deal, noting that credit card companies will be forced to eliminate all overdraft charges in credit cards effective Feb. 10.

— The Associated Press contributed to this report