The Federal Reserve released its plans to crack down on credit card abuses and offer consumers some protections on overdraft charges. Here are some of the highlights:

The right to opt out of overdraft protection. Banks would not be able to charge you an overdraft fee unless they've allowed you the opportunity to opt out of overdraft protection. Why is this significant? Critics say banks encourage consumers to overdraw on their accounts, thus incurring big overdraft charges, by routinely approving transactions even when you don't have the money to cover it. Some consumers like the option of knowing their checks and other transactions will be covered, but others prefer that the bank deny the charge rather than having to pay steep $20 to $34 overdraft fees, often to cover small debit purchases.

No fees if your account is overdrawn solely because a credit card or debit card hold was placed on your funds. Such holds typically happen with gas stations, rental-car agencies or hotels. The merchant typically places a first hold for a specific amount since they don't know how much you'll eventually spend. Then they'll charge you the actual amount, but that first hold on your funds can stay on for up to a few days.

More time to make credit card payments. Banks would not be able to treat your payment as late unless they've given you enough time to pay -- at least 21 days prior to the payment due date.

Credit for mailing by 5 p.m. on the due date. The Fed wants to give consumers credit for mailing payments by 5 p.m. on the due date. Some banks have earlier payment cut-off periods, like noon or 3 p.m. EST. The proposal also says that if your due date falls on days the creditor doesn't accept payment, like Sunday or holidays, your payment should be processed the next business day and be counted as on time.

Better payment credit on multiple interest rates. Those promotional interest rates are enticing and great for consumers. What's not so great is when banks apply your payment only to your lowest interest rate balance, making no dent in your higher-interest balances. That would change under this proposal. Banks would have to spread your payment over the balances.

Ends double-cycle billing. Some banks charge you interest based on your balance for two billing cycles. They would be prohibited from doing so under this proposal.

Limits interest rate hikes on existing balances. Credit card issuers won't be able to raise interest rates on your existing balances unless you have a variable rate, your promotional rate expires or you're at least 30 days late on payment.

Submit your comments by clicking here (and scrolling to the bottom of the page).