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#154668 - 01/29/04 06:00 PM NSF and Overdraft Notices
yy2say Offline
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yy2say
Joined: Apr 2002
Posts: 279
PA
I've been searching and cannot find an answer to the following question:

What is the required content on an Overdraft notice to the customer?

I know we have to have the date the item was presented for payment, the amount of the item, whether it is being paid or returned, but I am unclear as to what balance we have to show? Right now we are showing available balance when we print the notice which is confusing to our customers as they may have made a deposit that day, etc.

Any reference or help would be appreciated!
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Operations Compliance
#154669 - 01/29/04 06:11 PM Re: NSF and Overdraft Notices
Retired DQ Offline
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Turnpike Exit 10
2YYs, can you print both the current and the available balance on your notice? That's what we do, it helps eliminate the confusion (for most)...
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#154670 - 01/29/04 06:28 PM Re: NSF and Overdraft Notices
yy2say Offline
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yy2say
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Posts: 279
PA
Hi Maria ...we can and I will suggest that option.

Thanks for your input.

(By the way, YY = too wise )
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#154671 - 01/29/04 06:32 PM Re: NSF and Overdraft Notices
Retired DQ Offline
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Turnpike Exit 10
Quote:

(By the way, YY = too wise )




LOL! I figured that out ages ago, clever ain't I?
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Get your facts first, then you can distort them as you please. - Mark Twain

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#154672 - 01/29/04 06:57 PM Re: NSF and Overdraft Notices
yy2say Offline
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yy2say
Joined: Apr 2002
Posts: 279
PA
LOL ...very clever. I saw a vanity license plate one time "YY2 WED" I thought it was so great (even though I am married) ...that I have been using the YY with just about every alias that I use.

Thanks again for your help!
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#154673 - 01/29/04 06:57 PM Re: NSF and Overdraft Notices
rlcarey Online
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rlcarey
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Galveston, TX
Quote:

What is the required content on an Overdraft notice to the customer?





To actually answer your question, there are no regulatory requirements to even send a notice, let alone governing the content.
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#154674 - 01/29/04 06:59 PM Re: NSF and Overdraft Notices
yy2say Offline
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yy2say
Joined: Apr 2002
Posts: 279
PA
Quote:

To actually answer your question, there are no regulatory requirements to even send a notice, let alone governing the content.




No wonder I was researching to no avail. I guess this means I really haven't gone crazy!!! Thanks for the information!
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#154675 - 01/31/04 08:11 PM Re: NSF and Overdraft Notices
Elwood P. Dowd Offline
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Elwood P. Dowd
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Agree with rlcarey, there is no federal requirement that you send a customer a notice of insufficient funds. The advantages of doing so are:
1) It lets the customer know he has made a mistake and, hopefully, allows him to avoid additional charges by correcting it.
2) The customer's response may be what lets the bank know it has made a mistake by paying a counterfeit or forged item and allowing it to avoid additional liability for wrongful dishonor by correcting its error.
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