Service Charge

Posted By: Cale_N_Oats

Service Charge - 05/30/12 09:13 PM

How specific do we have to be when it comes to listing our fees on our periodic statements? For instance, if we say you you will be charged a "service charge" if your account has more than 6 transactions in a statement cycle is that acceptable or do we have to list it as an "excess withdrawal fee"?
Posted By: ahkcompliance

Re: Service Charge - 05/30/12 09:19 PM

I'd call it whatever your processor calls it. If it shows on the statement as "service charge" use that. The terminology should be consistant.
Posted By: Cale_N_Oats

Re: Service Charge - 05/30/12 09:26 PM

Our processor is stating that any fee charged has to be listed as either a service charge or maintenance fee becasue their program can't specify any further than those two....is this kosher/normal?
Posted By: Cale_N_Oats

Re: Service Charge - 05/30/12 09:31 PM

Our brochures and statements will match, i just didn't know if it was cool to list all fees as service charges?
Posted By: ahkcompliance

Re: Service Charge - 05/30/12 09:33 PM

I think so...we say in our disclosure that you will be charged $XX for each debit transaction in excessive of 5 during a month. This fee will appear as a service charge on your statement.
Posted By: Cale_N_Oats

Re: Service Charge - 05/30/12 09:36 PM

Ok, that makes sense. Someone told me once that you had to lable them according to what the charge is for so like if you charged a fee for debits over 25 in a statement cycle that should be labeled an "excess debit fee". I couldn't find anything in the deposit regs so i figured i would ask. Thanks.
Posted By: ahkcompliance

Re: Service Charge - 05/31/12 01:49 PM

I think as long as your disclosures and the actual wording on your statements match...you should be good.