In light of the recent CFPB Consent Order against Regions Bank for charging Authorized-Positive OD fees, help me understand these were transactions that were not related to Reg E Opt In status? In other words, because these transactions had sufficient available balance it would not have mattered what there Reg E status was. Is that a true statement?
Are financial institutions permitted to charge 'return deposit item fees' on Interest Bearing Real Estate Trust Accounts?
We have a customer who we recently refunded $630 of Returned NSF Fees and Continued Negative Balance Fees to after stating the items came thru sooner than scheduled (Reg E). The account went positive for one day and has now been negative for 17 days since (62 days NSF last 12 months). She has
another account that is currently positive but that account has also had 41 days NSF.
Can we close her accounts due to account abuse or failure to maintain account in a responsible manner?
If a personal checking is protected by a second personal checking (sweep) for the purpose of Overdraft Protection should the child account reflect the
available balance of both accounts?
Can a customer whose deposit account has a negative balance, cash a payroll check at the teller line or can we require the check be deposited first? If so, how should the teller run the transaction?
Are electronic notices permitted for NSF and overdraft protection communication as well as CD maturity and renewals? Customers signing up for e-statements would automatically get these via e-notice, with an e-mail being issued to advise the customer of the e-notice. The customer would then log on to view it.
Check 21 Is Here
Banks Need to Implement Planning Processes
By Ken Golliher, Principal, Pegasus Educational Services, LLC
Question: We're stuck with a rather large overdraft on a checking account, and there is a dispute between our customer and the fellow who gave him the check that our customer deposited, whic
Question: We had a customer come in and ask if it was quicker to get a check paid by sending it through for collection, rather than just deposit it.