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#2024056 - 06/30/15 03:25 PM Disclosing Stop Payment Fees
Becky Offline
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Becky
Joined: Feb 2003
Posts: 216
Dallas, Texas
Want to ask a question about disclosing stop payment fees within our online banking application. We give the customer the ability to place a stop payment on a check from within online banking. Since different customer segments are charged different stop payment fees, we have generic verbiage that states we will charge a fee for the stop payment, and refers the customer to the fee schedule provided at account opening and on our website. Is this an acceptable strategy? I've seen other banks provide a link on that page to the fee schedule, some banks that have a standard stop payment fee state the fee amount on the page, and yet others have chosen our current approach. We plan to go down the "link to fee schedule" route in the future but want to understand the risk with our current strategy to help us prioritize this with our online banking vendor.

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#2024063 - 06/30/15 03:29 PM Re: Disclosing Stop Payment Fees Becky
rlcarey Online
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rlcarey
Joined: Jul 2001
Posts: 78,618
Galveston, TX
If a stop payment fee has been previously disclosed to the customer, there is no requirement to repeat the fee to the customer prior to them requesting a stop payment. Whatever you do is up to you.

I would question why there are different charges? Doesn't it cost the bank the same regardless of the customer segment?
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#2024146 - 06/30/15 06:34 PM Re: Disclosing Stop Payment Fees Becky
Becky Offline
100 Club
Becky
Joined: Feb 2003
Posts: 216
Dallas, Texas
Hindsight is 20/20. But no....we have separate divisions that each have a different fee, and we charge a different fee for consumers vs. commercial clients.

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#2024191 - 06/30/15 08:05 PM Re: Disclosing Stop Payment Fees Becky
osucpa Offline
Diamond Poster
Joined: May 2011
Posts: 1,400
I think you are creating a whole set of other issues by having different pricing for consumers vs commercial clients. Especially when an authorized signer on a commercial account wants to place on stop payment on their consumer account and the price is different.

Just my input.

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