We are considering offering a same day bill payment option as well as an expedited overnight bill payment option. Each of these options charges a specific fee for that service.

I have been asked if we can add the following to our Bill Payment fee schedule : "other fees will apply for expedited payments" and not list the individual specific fees.

My opinion is that we are obligated to disclose any fees that pertain to withdrawals (Reg DD) and any fees that pertain to EFT services (Reg E); as such, we should be listing the individual fees.

I am getting push back on my opinion and would like to hear the opinions of others on this matter.

Sec. 1005.8 Change in terms notice; error resolution notice.

(a) Change in terms notice. (1) Prior notice required. A financial institution shall mail or deliver a written notice to the consumer, at least 21 days before the effective date, of any change in a term or condition required to be disclosed under § 1005.7(b) of this part if the change would result in:

(i) Increased fees for the consumer;


7(b)(5) Fees

1. Disclosure of EFT fees. An institution is required to disclose all fees for EFTs or the right to make them. Others fees (for example, minimum-balance fees, stop-payment fees, or account overdrafts) may, but need not, be disclosed. But see Regulation DD, 12 CFR Part 1030. An institution is not required to disclose fees for inquiries made at an ATM since no transfer of funds is involved.

rlcarey, I truly appreciate that you took the time to provide a response; I don't intend to sound ungrateful and if I am coming across that way I do apologize; but I really would appreciate none regulation, plain language.

The section you cited is exactly why I have the opinion that I do. By you posting that section I still am not clear whether you posted to support my position or you posted it because there is something there that I'm missing that disproves my opinion.

You have to disclose specific fees associated with EFT transfers - period (1005.7(b)(5)). If you increase fees, you must do it through a change in terms (1005.8(a)(1)(i).

Thank you!