Question & Answer

Question: Under Regulation DD, if the ticket accompanies the statement indicating the type of charge, then can the statement say "Miscellaneous debit"? The ticket has the description the same way as the explanation of the fee on the disclosure.

Answer: We went to the Federal Reserve Board of Governors for the answer to this one. Yes, if the ticket is in with the statement and indicates the type of charge, then the statement can say "Miscellaneous Debit." However, if the account is truncated, with no check or tickets accompanying the statement, then FED's opinion is that you are not in compliance. In that case charges would then have to be broken out and printed on statement separately.

Also to be avoided is including in the disclosure the notation that "Miscellaneous Debit" could be a charge for any one of several types of charges.

Copyright © 1993 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 3, No. 10, 3/93