05/12/2024
If we charge an overdraft fee on a represented item is that considered unfair?
05/05/2024
Can we have sign up fees for credit cards?
03/31/2019
Regarding the following question I read today, would it be okay for a bank to charge the overdraft fee if the customer HAD opted in - even though the
account had a positive balance when the transaction was approved? Or, does this fall in line with the UDAP statement from the agencies?
Question:
Can we charge an overdraft fee for a one-time debit card transaction that overdraws an account of a customer who has not opted-in if there were
sufficient funds at the time of authorization but not at the time the transaction posts?
Answer:
No. The rule does not include any exceptions for card transactions that overdraw an account. The rule at its simplest is, "No opt-in, no overdraft
fee."
05/08/2016
What is your opinion of offering a checking account that offers add-on third party benefits as a feature of the account? Customers are only able to obtain the add-on services if they buy the account and pay the service charge disclosed for this product.
04/24/2016
Does UDAAP apply to just consumers, or all customers?
04/17/2016
You instruct people to listen carefully for deceptive answers before releasing information. Can you provide me with an example of a deceptive answer that a staff member might accept from a social engineer?
06/07/2015
We are revising our deposit accounts and one account will be titled Free Checking. This product will have e-statements as the default at no charge. Since e-statements are the default, we will charge $3.95 for a paper statement. Is this a concern relative to Unfair, Deceptive, or Abusive Acts or Practices?