We have just started with e-statements. Our overdraft protection statements have the same account number as the checking account it is attached to and are created at the same time as checking accounts. Are the Reg E and Z disclosures that we provide with each ODP statement going to be required on every ODP e-statement? Is that also true for the checking statements for Reg E?
Is there a regulatory limit on the number of overdraft charges that can be applied in one business day?
May an advertisement mention the term “free” with respect to a financial institution’s overdraft services?
On a reserve line of credit tied to a DDA account. Is it necessary to provide a monthly statement when there is no activity? Zero balance, no advance nothing owing.
Can a bank discontinue an AOD program after it's been in place for several years?
When an advance is made on an overdraft line of protection is a notice (advance notice) required to be sent to the Borrower? If so, which regulation does this fall under?