Is it a Reg O violation to waive an automatic savings/deposit account transfer fee to cover an overdraft for an insider?
Are we allowed to do an exception notice if it is unusual customer activity, and if we are, what would be our reason: doubt of collectability?
If a customer opts out, but has an authorization for a debit card transaction, does this mean that we can no longer charge them a NSF fee? This happens daily.
Relative to Reg DD 230.11(a), we currently have three fees related to OS services: a NSF paid per item fee, interest charges on the amount of the OD, and a return item fee. The periodic statements show two categories of fees: overdraft fees and returned item fees. The overdraft interest charges are included in the overdraft fees category. Is this acceptable, or should overdraft interest charges be disclosed on a separate line in the periodic statement?
Is the following overdraft a Reg O violation? The adult son of one our Executive Vice Presidents was overdrawn $200.00, the Executive Vice President is not a signer on the account, but the address on the account is the same as his. I paid the item and charged the NSF fee. The Executive Vice President involved made a transfer from his personal account into his son's account on the day of the overdraft. I was told it was a Reg O violation because of the addresses on both accounts being the same?
I see a lot of guru Q and A's regarding directors and overdrafts and overdraft fees. My bank's policy is to exempt all directors from our overdraft protection program, so that we don't have to worry about Reg O issues on that score, but my question has to do with a plain old ordinary non-sufficient funds fee. Is it a Reg O violation to refund an NSF fee?
We are getting ready to change our non-sufficient funds (NSF) fee. What obligation do we have to notify our customers besides them getting the NSF notice after the check has been returned or paid?
Which Reg allows us to debit the customer’s account to cover a NSF check and the fee?
I have a question on the compliance of a NSF fee. I have a customer who had an available balance of $170 on a Friday. That day, after cut over, the customer came in and withdrew $60 from the ATM. This gave her an available balance of $110. That night a transaction was posted in the amount of $160, bringing her available balance to -$85, including the NSF fee. On Monday, the $60 ATM withdrawal posted to her account and we charged another NSF fee for that transaction. Being that she had sufficient funds for at least one of the transactions, can we allow for this? It seems that this is because of the banks posting procedure, not due to customer negligence.
Is it a violation of Reg O if an NSF check is posted against an insider’s account with insufficient funds (for more than $1000) and the process for reviewing/returning or paying these NSF items happens the morning after the item was posted to the account? The insider's account statement would show one day overdrawn for greater than $1000.