Our bank would like to start charging fees on overdrawn accounts. What disclosures are required to send to our customers?
The new amendment to Reg DD requires disclosures of overdraft charges. Our bank does charge overdraft fees, but we do not offer any type of overdraft protection coverage. Does this new amendment still apply to us?
Under the requirements of the new rules for overdraft protection programs under Reg DD, there is an exemption for the historical information on overdraft charges for banks being purchased by another institution. If both the existing bank and the bank being purchased are required to disclose the annual history of charges due to advertising the overdraft program, does this exemption still apply?
Our statements did not print the overdraft charges until July 7th and our processor feels they were not out of compliance. I thought that the fees had to be shown as of the July 1st. Are they out of compliance?
We are a small community bank of less that $75M regulated by FDIC. We offer no Overdraft Protection other than the "sweep account" from another deposit account. What new Reg DD changes would affect our bank?
A family friend made a deposit of multiple checks. He did not have a pre-encoded deposit slip, but did fill out the deposit slip completely otherwise. The teller receipted the transaction correctly, but encoded a completely different account number on the transaction. That account number belonged to the depositor's mother. (Even though the two are not on accounts together.) The error resulted in two checks being returned, which caused additional late fees and charges to the depositor. Since the transaction was correctly receipted the depositor was unaware of the problem until he received NSF notices. What is the liability of the bank to correct this problem? And what is the recourse of the depositor?
Is waiving service charges for someone on board of directors a violation of Reg O?
If the executive officer is joint owner of an account which is overdrawn and it is bank policy not to charge bank employees overdraft charges, under Reg O is it appropriate not to charge the executive officer?