Thread Options
#1413396 - 07/09/10 04:05 PM Charging a fee for Covered and Non-Covered Trans.
Cale_N_Oats Offline
Platinum Poster
Cale_N_Oats
Joined: Aug 2008
Posts: 742
Southern Illinois
Our CEO is thinking of implementing a fee for transactions that exceed the six withdrawals/transfers per statement cycle defined in Reg. D under savings deposit. He wants to do this for all debits that exceed six not just the ones that are covered under the regulation. I am not aware of any regulation that prohibits this but i did state that it may make the bank look bad for charging all these fees. Is there any regulatory burden i am not aware of that would prohibit all these fees from being charged?
_________________________
Serenity Now!!!

Return to Top
Deposits and Payments
#1413414 - 07/09/10 04:21 PM Re: Charging a fee for Covered and Non-Covered Trans. Cale_N_Oats
MyKidsMom Offline
Platinum Poster
MyKidsMom
Joined: May 2004
Posts: 636
TEXAS
We do this and so far have not been scrutinized.

Return to Top
#1413431 - 07/09/10 04:30 PM Re: Charging a fee for Covered and Non-Covered Trans. MyKidsMom
ahkcompliance Offline
Diamond Poster
Joined: Sep 2008
Posts: 2,470
Midwest
We have this type of fee. Ours is actually more restrictive we charge after 5.

Return to Top
#1413440 - 07/09/10 04:43 PM Re: Charging a fee for Covered and Non-Covered Trans. ahkcompliance
Georgia Plum
Unregistered

we charge after 6 on MM and 3 on savings.

Return to Top
#1413460 - 07/09/10 04:59 PM Re: Charging a fee for Covered and Non-Covered Trans.
Doug Hendrickson Offline
Power Poster
Doug Hendrickson
Joined: Oct 2009
Posts: 3,927
Agreed. However, don't forget that charging those fees does not relieve you of the responsibility of taking action on those accounts which consistently exceed the limit on covered transactions. The fees may help to curb such excesses, but if they continue you have to take some action.
_________________________
I hear and I forget. I see and I remember. I do and I understand.--Confucius

Return to Top
#1413471 - 07/09/10 05:06 PM Re: Charging a fee for Covered and Non-Covered Trans. Doug Hendrickson
Cale_N_Oats Offline
Platinum Poster
Cale_N_Oats
Joined: Aug 2008
Posts: 742
Southern Illinois
As long as our customers are happy, that is my main concern. I just don't want our CEO to get carried away and start charging after 1 transaction.
_________________________
Serenity Now!!!

Return to Top
#1413748 - 07/10/10 10:15 AM Re: Charging a fee for Covered and Non-Covered Trans. Cale_N_Oats
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,468
On the Net
Fees are a banks middle name and it will be worse. Do your competitor banks charge this fee? My bank did forever, but re-read Doug's post above as this is not a substitution for Reg D enforcement.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

Return to Top

Moderator:  John Burnett