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#1938618 - 07/08/14 07:25 PM Reg. E - Opt-In Requirement
complygirl Offline
Platinum Poster
Joined: Oct 2004
Posts: 822
midwest
Must the bank obtain WRITTEN consent from a customer to initially opt-in the customer for paying ODs on ATM and debit card transactions? Or can the opt-in be obtained through other methods...via phone, verbally, by email, through online banking, etc.? Thanks.

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#1938631 - 07/08/14 07:44 PM Re: Reg. E - Opt-In Requirement complygirl
BrianC Offline
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BrianC
Joined: Nov 2004
Posts: 6,685
Illinois
There is no requirement that a customer's opt-in be in writing. It simply says to provide the consumer "a reasonable opportunity" to opt-in. Once the opt-in is obtained, the bank must provide the consumer with written confirmation of the opt-in and include a statement on the confirmation of the consumer's right to revoke the opt-in at any time.
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#1938972 - 07/09/14 05:25 PM Re: Reg. E - Opt-In Requirement complygirl
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
I will simply add here that, although the opt-in need not be in writing, you'll need to have a dependable procedure for documenting that an opt-in was received to keep auditors and examiners at ease. And you need to have a record of when you provided the confirmation of the opt-in, because you aren't allowed to assess an overdraft fee under the opt-in provision until that confirmation has been provided.
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