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#2249404 - 02/18/21 11:16 PM Card OD fees vs. Normal OD fees?
Anonymous
Unregistered

We are engaging with a new provider for management of our OD program. They are recommending that we separate out our one-time debit card transaction OD fees from our normal OD program fees (for ACH, checks, etc.) in our statements. Not a regulatory requirement but a best practice based on some law suits that they've shared with us. We charge the same amount regardless of source of OD.

Does anyone do this? This feels a little like overkill.

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#2249408 - 02/18/21 11:30 PM Re: Card OD fees vs. Normal OD fees? Anonymous
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
best practice based on some law suits that they've shared with us.

What lawsuits?
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The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2249409 - 02/18/21 11:31 PM Re: Card OD fees vs. Normal OD fees? Anonymous
Inspector Offline
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Joined: Apr 2016
Posts: 283
I can't recall any institution I have ever been to that separates ODs the way you have described.
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Opinions expressed are my own and do not reflect legal advice or the opinions of my employer.

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#2249418 - 02/19/21 01:13 PM Re: Card OD fees vs. Normal OD fees? Anonymous
Bankwoman1 Offline
Diamond Poster
Joined: Dec 2015
Posts: 1,046
Midwest
We charge the same amount but they are called two different things. For example, for our one time POS and ATM transactions, our OD fee is called a Premium OD Usage Fee. For all other OD fees (checks, ACH, reoccurring debit card fees etc.), our OD fee is called an Insufficient Funds Charge.

I don't know if this was a recommendation or not. This is how it has been done since I've been at this bank, which has been 11 years now.

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#2249419 - 02/19/21 01:19 PM Re: Card OD fees vs. Normal OD fees? Anonymous
rlcarey Offline
10K Club
rlcarey
Joined: Jul 2001
Posts: 83,219
Galveston, TX
Wow- I need to sign up for this Premium OD Usage Fee - it sounds so prestigious. smile
_________________________
The opinions expressed here should not be construed to be those of my employer: PPDocs.com

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#2249420 - 02/19/21 01:26 PM Re: Card OD fees vs. Normal OD fees? rlcarey
Bankwoman1 Offline
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Joined: Dec 2015
Posts: 1,046
Midwest
Right! It would almost make me feel special for being charged the fee.......almost.... smile

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#2249435 - 02/19/21 03:23 PM Re: Card OD fees vs. Normal OD fees? Anonymous
OD Ollie
Unregistered

"Premium" sounds nice, sure, for the masses. But are you aware of our highly exclusive Sterling Concierge Over-Spend Service?

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#2249482 - 02/19/21 09:11 PM Re: Card OD fees vs. Normal OD fees? Anonymous
Bankwoman1 Offline
Diamond Poster
Joined: Dec 2015
Posts: 1,046
Midwest
Ooohhhhh....a Sterling fee! That sounds nice...... smile

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