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Continuous Overdrafts Fee - Notify Customers?
Answer by Dan Persfull, BOL Guru
Guru Bio
Question: We are adding a new fee to overdrafts where we will be charging a continuous overdraft fee after being overdrawn for five days. Are we required to notify customers beforehand? Also, are we required to send a notice when this charge has been assessed?
Answer: Can you arbitrarily add this new fee without contracting for it? I don't think you can, but if you can, then you should follow up all the changes in term notification requirements.
First published on BankersOnline.com 4/14/08
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