Overdrafts — New ATM and Debit Card Rules

Presented by:
John Burnett

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• Written Materials
• Follow-up Q & A

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If you thought that the statement totals and automated system balance rules under Regulation DD were the latest word on overdrafts, brace yourself for another set of changes. The Federal Reserve has just released a Final Rule amending Regulation E to require an opt-in right for consumers before banks can charge fees for paying overdrafts triggered by ATM and one-time debit card transactions. This new rule could have operations and systems implications, and will impact fee income at many institutions.

Attend this two-hour webinar to obtain the information your institution will need to comply with the new Regulation E requirements, including --

Which transaction types are affected and which are not

Why opt-out was not chosen

New opt-in disclosure requirements

• Timing
• Required content
• Format

The effect on existing accounts

• Notification requirements and timing
• Dealing with non-responders
• Getting their attention

Allowable opt-in methods

Duration of opt-in decision

Revocation of opt-in

Dealing with joint accounts

The likely impact on fee income

When an opt-in isn't required

A ban on conditioning payment of other ODs on an opt-in for card transactions

Accounts for consumers who don't opt in

What happened to the proposed exceptions

What else wasn't included in the new rules

Operational and systems challenges of the new rule

Webinar registrants will receive session materials that include a detailed analysis of the new Regulation E rule and implementation suggestions that will prove helpful in planning an institution's implementation plan.

About the Speaker:

John Burnett is a 1979 alumnus of the ABA National Compliance School, and served on its faculty for several years. He graduated with honors with the Class of 1990 from ABA's Stonier Graduate School of Banking. He is also a graduate of the BAI's and the Massachusetts Banker Association's Schools of Banking.

He joined Cape Cod Bank and Trust Company in 1971 and assumed his role as Compliance Officer in 1976. He also served as corporate secretary and secretary of CCBT's Board of Directors, as well as Clerk of the bank's holding company. John joined Glia Group, Inc., and became a part of the BOL Team in June, 2004.

Mr. Burnett is a former member chair of the Massachusetts Bankers Association Legal and Regulatory Compliance Committee, and of the American Bankers Association Compliance Executive Committee and NCS/NGCS Advisory Board. He served on ABA's Truth in Savings Task Force, and has served on several ABA and Massachusetts Bankers seminar panels.