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#59431 - 02/05/03 10:29 PM SSCRA: Are Overdrafts Subject?
DawgFan Offline
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Joined: Jul 2002
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Are overdrafts on DDA accounts considered "obligations" subject to the interest rate requirements of the SSCRA? I have noticed that Section 526 includes "service charges, renewal charges, fees, or any other charges (except bona fide insurance) in respect of such obligation or liability."
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Lending to Servicemembers (SCRA, JWNDAA), War, Terrorism
#59432 - 02/05/03 10:57 PM Re: SSCRA: Are Overdrafts Subject?
straw Offline
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straw
Joined: Nov 2002
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Remember SSCRA applies to debts incurred prior to enlistment or call up to active duty in the armed services. Thus, SSCRA would apply to overdrafts only if a customer overdraws an account, then gets called up or enlists prior to paying the overdraft.

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#59433 - 02/06/03 01:17 AM Re: SSCRA: Are Overdrafts Subject?
Andy_Z Offline
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I agree with Straw. This is the same assumption we used on credit cards. Charges post enlistment were not subject to SSCRA.
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#59434 - 02/06/03 01:44 PM Re: SSCRA: Are Overdrafts Subject?
DawgFan Offline
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Thanks. I thought that was the answer I would get, but I just wanted to be sure.
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