I have been setting up overdraft transfers for funds trying to pull from savings for ACH transactions. They have funds in their checking, and when I set it up and then repost occurs, the funds are transferred from checking along with a transfer fee. Do you know if I am breaking any rules? Normally I would be transferring funds manually. Or should we just be returning the items.
If we report our ODP accounts to the credit bureau and one gets charged off, what is the regulation for how many months can it be reported?
Has the CFPB issued any regulations concerning overdraft payment programs?
Is UDAP (Unfair or Deceptive Acts or Practices) a concern with overdraft services?
May a financial institution disclose a single balance inclusive of overdraft protection funds (i.e. a line of credit or discretionary service amount)?
May a financial institution process transactions in a manner that allows the financial institution to maximize overdraft fee income?
We do not approve overdrafts unless a customer has a line of credit or ties a savings account to the checking. Should we be obtaining an opt-in so we can charge a fee if the customer does not have available funds in the line of credit or savings account?
Can a bank discontinue an AOD program after it's been in place for several years?
When an advance is made on an overdraft line of protection is a notice (advance notice) required to be sent to the Borrower? If so, which regulation does this fall under?
A customer's savings account is set up to protect his checking via overdraft protection and he has violated Reg D for three consecutive months and the bank has removed the overdraft capability, following all requirements of course. When can he or can he request overdraft protection from his savings to his checking again?