Couple of Reg. E Opt-In Questions:
1) So we currently have an Overdraft Privilege program (ODP) that we offer to customers, however the customer/account must be eligible for this program, it isn't just automatic at account opening. The account has to be open for 45 business days, have deposits totaling at least $400 or more within a 30-day period and have consistent deposit activity. So, the customer's account must have ODP before Reg. E opt-in can be accepted. We utilize the opt-in consent and confirmation model notices for the Reg. E opt-in of ATM and one-time POS. So customers can elect to opt-in to Reg. E at the time their account is opened, with the understanding that they won't actually be eligible for this until at least 45 business days later. The confirmation notice is then sent at that time (once the account is eligible). Curious if this is how other banks handle ODP and Reg. E Opt-In?
2) In a scenario in which a customer has an account which is opted-in overdrafts for Reg. E, this particular account is closed for one reason or another (e.g. checks were lost/stolen, etc.), so bank closes the account and opens a new account for the customers and notates that "Reg. E Opt-In was transferred from prior account" - in this type of situation, should we still get an election form and send the confirmation notice?