WASHINGTON – The Federal Reserve will begin banning banks from charging many overdraft fees unless customers sign up for the service, an unprecedented move that comes as a wave of consumer reforms sweeps Washington.

The new regulations, announced Thursday, cover overdrafts from ATM withdrawals and debit card purchases, which account for roughly half of overdrawn transactions, and help to address widespread complaints that consumers who were unaware they had insufficient funds were being charged exorbitant fees for purchasing a cup of coffee, for example.

The rules, which will take effect July 1, come as banks have drawn increasing scrutiny in the wake of the financial crisis for charging high fees and interest rates as consumers are financially strapped.

Banks will be required to send customers a notice explaining their overdraft protection services and fees before they are asked whether they want to sign up.

But the regulations do not cover payments made by check or recurring debit card charges, such as automatic bill payments.

They also give banks wide latitude over the structure of overdraft fees after customers opt in, although Fed officials said the regulations allow consumers to drop the service at any time. Two bills targeting the fees are under consideration by Congress and would place tougher restrictions on the industry.

The Fed has been under pressure since the financial crisis began to demonstrate its concern for protecting consumers and has imposed new limits on mortgage and credit card lenders. The recent spurt of rulemaking follows a decade of inaction during which the Fed ignored mounting evidence of abuses and repeated pleas from consumer advocates.

As a result, the Obama administration wants to strip the Fed of some of its responsibilities and create a new agency devoted to protecting consumers.

Fed officials said Thursday they have been working for several years to refine their regulations on overdraft charges, which infuriate consumers but are a significant revenue stream for banks. Fees from overdrawn U.S. accounts are estimated to hit $38.5 billion this year, up from $36.7 billion in 2008, according to research firm Moebs Services in Lake Bluff, Ill.

A survey of smaller banks released by the FDIC last year showed about a quarter of accounts had been overdrawn at least once in 2006, the year the study was performed.

Edward Yingling, chief executive of the American Bankers Association, a trade group, said the regulations strike a balance between consumer concerns and industry needs. But the group also said its members will be hard-pressed to find replacements for that revenue, especially as the recent wave of financial changes has limited their ability to charge riskier customers higher fees and higher interest rates for loans. That could mean banks will begin considering charging for popular services that they had provided for free, such as checking and non-minimum accounts.

“There are additional risks and costs that the final rule creates, and they’ll have to make adjustments,” said Nessa Feddis, ABA senior counsel.

But several consumer groups said the Fed’s regulations do not go far enough and have called for all forms of payments – checks and debit cards – to fall under the regulations.

The Fed “hasn’t solved the bigger problem that once people opt in, it’s still an unfair product that perpetuates debt,” said Ed Mierzwinski, program director for consumer advocacy group U.S. PIRG.