To start with, make sure that you disclose the "unpuffed" balance at ATMs and online. You can disclose the puffed balance, too, but starting on New Year's Day, you must show the unadorned, unenhanced, unpuffed balance. The "puffed" balance has to be identified as including overdraft funds. If the extra funds come from paying the account into an overdraft that won't be cured through a transfer from other funds of the customer or from an overdraft line of credit, you have to add information to that puffed balance (as required by Reg DD sectin 230.11(b)(1)) -- two of those items of information can be omitted at the ATM. The requirement for the extra information has been in effective since 7/1/2006.
The Reg E amendments that will be effective 7/1/2010 do not affect transfers created online or through mobile banking unless a debit card number is used to effect the transfers (online merchant purchases with a debit card account number would be affected). And there's nothing in the rule about opting in at the time of the transaction.
Last edited by John Burnett; 12/04/09 08:52 PM.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8