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#175661 - 04/01/04 06:44 PM What Reg (law) governs changes made to accounts?
Anonymous
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If we are adding a service fee (specifically a daily overdraft fee) to existing accounts what specifically do we need to watch for in terms of regulation?

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#175662 - 04/01/04 07:13 PM Re: What Reg (law) governs changes made to accounts?
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
Definitely consider that you will need to provide 30 days' advance notice to all potentially-affected consumers before assessing the fee. (Truth in Savings, Regulation DD).

Also consider whether such a practice might be restricted under state law.
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