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#100940 - 07/25/03 04:41 PM "Fresh Start"/Bounce Protection Program
Anonymous
Unregistered

We currently use the Fresh Start/Bounce Protection program. When an account is charged off, we close the account and allow the customer an opportunity to repay the overdraft. We are in the process of revising this. What is the best option to comply with regulation and possible reg Z implications? Should we only allow a AFT to occur to repay the amount charged off? Should we discontinue their bounce protection priveledges?

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Operations Compliance
#100941 - 07/25/03 06:18 PM Re: "Fresh Start"/Bounce Protection Program
Gotwood Offline
Platinum Poster
Joined: May 2001
Posts: 715
Most people I talk to suspend the privilege until the money is repaid. Draw up the Fresh Start repayment the same as you would a regular unsecured loan. As far as paying it off, whichever way(s) get your money back.

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