We've all been there, you make one purchase too many, which puts your account into the negative, then all of a sudden that meal or cup of coffee ends up costing a whole lot more.

"In the past that has happened to me when I was younger," Dawn Kibbey said.

Overdraft fees can easily add up, but the Federal Reserve is hoping that new rules -- which took effect Sunday-- will put an end to that practice.

"For example, if you were at the gas station and didn't have the money in your account or any other cards, you would be stranded," Kimberly Dunn of Option One Credit Union said.

The way it works now, if you do not have the money in your bank account to cover the purchase, the card will automatically be rejected. Consumers do have the option to "opt in" to overdraft protection provided your bank if you so choose.

"Consumers have the choice to say yes, I want my bank to cover me at times when I don't have the money to cover those one-time transactions," Dunn said.

Of course that comes at a fee and there's no limit to how many times a bank can charge you. Dunn said many of their customers are willing to pay for piece of mind.

"So when they go to dinner or make a purchase they are covered," she said.

Others say there are pros and cons to it, and they'll have to think about what they want to do.

"I'll have to look further at the information," Linton Ellis said.

"It's probably a good idea," Kibbey said.

You can opt in or out at any time.