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