Thread Options
#2230307 - 02/05/20 06:31 PM Notice for Overdraft Privilege Limit Change
Bankwoman1 Offline
Platinum Poster
Joined: Dec 2015
Posts: 716
Midwest
We are currently in the process of lowering the ODP limit on one of our checking accounts to $500 from $750. The reason for this is due to information provided in the Fall 2019 Regulatory Update regarding "Products restricted by age". Our plan was to provide notification on our periodic statement for the specific account type this will affect. This would be done 30 days in advance of the change taking place. Would we be correct in notifying our customers in this manner and time-frame? Or are there specific notification rules for Overdraft Privilege changes?

Thanks in advance!

Return to Top
Deposits and Payments
#2230390 - 02/06/20 04:54 PM Re: Notice for Overdraft Privilege Limit Change Bankwoman1
P*Q Offline

Power Poster
P*Q
Joined: May 2001
Posts: 8,433
Somewhere
If your program is similar to ours, it's discretionary, so I don't see why it wouldn't be sufficient.

Return to Top
#2230401 - 02/06/20 06:02 PM Re: Notice for Overdraft Privilege Limit Change Bankwoman1
Bankwoman1 Offline
Platinum Poster
Joined: Dec 2015
Posts: 716
Midwest
Thank you P*Q. That's what I thought but wanted to check!

Return to Top

Moderator:  John Burnett