If a bank has no Overdraft Protection Programs, which fee should disclose the below Excerpt--the NSF fee or the Overdraft fee? The bank has each fee, NSF and Overdraft, separately disclosed on it's fee schedule. Thanks for the assistance.


Excerpt
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Account-opening disclosures
Institutions must specify in TISA’s account-opening disclosures the categories of transactions for which an overdraft fee may be imposed. An exhaustive list of transactions is not required; it is sufficient to state that the fee is imposed for overdrafts created by checks, in person withdrawals, ATM withdrawals, or by other electronic means, as applicable. This requirement applies to all institutions, including institutions that do not promote the payment of overdrafts in an advertisement.

We do not have an overdraft program, but we added a general statement that "overdraft fees may be imposed for overdrafts created by checks, in person withdrawls, ...." to our TIS and changed our fee schedule to separately discuss Overdraft and NSF and changed on our periodic statement.

Just wondering if this is ok...

We have a list of fees on our TIS disclosures (yes, we have one for returns and one for paids) and a box at the bottom of the page with other misc. notes. We put an astrerix next to the return fee and one next to the paid fee that directs you to the box where it says that "fees imposed for covering overdrafts created by: check, in person, ATM or electronically"

Is that ok or should we have a different message for returns because we are not going to return an in person or ATM withdrawl?

Thanks

The statement in your disclosure needs to accurately reflect your practice. If you won't charge a return fee for ATM and in person withdrawals that overdraw an account, you should not say you will.