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#2254840 - 06/04/21 12:40 PM Credit Card Convenience Checks
ItsJustMe Offline
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Joined: Dec 2009
Posts: 280
New York
Please let me know if you think I'm reading the regulation correctly. Our customer wrote a credit card convenience check and deposited it into his checking account. The convenience check caused him to go over his limit and the check was declined. If I am reading 1026.529b)1(ii)-1.D. correctly, we are permitted to charge a declined access check fee to the credit card account. Also, I believe that the fee must be determined in accordance the safe harbors of 1026.52(b)(ii). Can you please tell me if you are reading the rule the same way or if I'm off base?

Also, since the deposit to the checking account was returned because the convenience check was not honored, we are permitted to charge the returned item fee we typically charge for any other type of returned item. Would you agree?

Appreciate your input on this!

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#2254847 - 06/04/21 02:41 PM Re: Credit Card Convenience Checks ItsJustMe
ItsJustMe Offline
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Joined: Dec 2009
Posts: 280
New York
Thoughts anyone? Am I off base?

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#2254858 - 06/04/21 04:23 PM Re: Credit Card Convenience Checks ItsJustMe
ItsJustMe Offline
Gold Star
Joined: Dec 2009
Posts: 280
New York
bump

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#2254866 - 06/04/21 05:41 PM Re: Credit Card Convenience Checks ItsJustMe
ItsJustMe Offline
Gold Star
Joined: Dec 2009
Posts: 280
New York
Found my answer. Thanks anyway.

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#2254967 - 06/07/21 07:48 PM Re: Credit Card Convenience Checks ItsJustMe
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,289
Cape Cod
You have to have disclosed the over limit fee in order to impose it.
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