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#1249925 - 09/14/09 08:10 PM NSF/OD Notices
Anonymous
Unregistered

Where is the requirement that an NSF/OD notice must be mailed to the customer if a check is returned?

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#1249963 - 09/14/09 08:45 PM Re: NSF/OD Notices Anonymous
Kelsey D Offline
Platinum Poster
Joined: Aug 2006
Posts: 516
Ohio
Reg CC:

12 CFR § 229.33 Notice of nonpayment.

(d) Notification to customer. If the depositary bank receives a returned check or notice of nonpayment, it shall send or give notice to its customer of the facts by midnight of the banking day following the banking day on which it received the returned check or notice, or within a longer reasonable time.
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Don't make me say, "I told you so!" Sincerely, your friendly Compliance Officer.

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#1250199 - 09/15/09 02:42 PM Re: NSF/OD Notices Kelsey D
StevenD Offline
Gold Star
StevenD
Joined: Nov 2000
Posts: 489
KY
This is for a chargeback, not an overdraft?
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Opinion expressed are my own and not necessarily those of my employer.

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#1250261 - 09/15/09 03:41 PM Re: NSF/OD Notices StevenD
'Lil Freak! Offline
10K Club
'Lil Freak!
Joined: Sep 2005
Posts: 10,596
The psych ward
See Ken Golliher’s response: http://www.bankersonline.com/compliance/gurus_cmp1001c.html

I believe the interagency guidance on overdraft protection programs, however, recommends it as a best practice.
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No, I didn't lose my mind. It got scared and ran away.

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#1251789 - 09/17/09 12:12 PM Re: NSF/OD Notices 'Lil Freak!
Anonymous
Unregistered

this is not part of an ODP program.

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#1254077 - 09/21/09 08:50 PM Re: NSF/OD Notices Anonymous
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
There is no requirement that you notify the customer that you've bounced a check.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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