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Do We Disclose Overdraft Fees on Statements?
Jim Bedsole, BOL Guru
Guru Bios
Question: If we do not advertise payments on overdraft, do we still have to make changes on our statements to include fees for returned and paid items?
Answer: You have to separately disclose fees for paying NSF items and fees for returning NSF items. This change applies to all banks, and applies even if the fee amounts are the same. You still have to call them separate names, both on your statements and in your TIS fee disclosures. You do not have to provide monthly and YTD totals of the fees unless you promote overdraft protection programs (non-line of credit).
First published on BankersOnline.com 6/26/06
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