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Bank Wants to Increase Fees, Disclosures Required?

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Question: 
We are discussing some compliance issues at my bank. If we want to increase our fees, do we have to disclose the new fees to customers in writing?
Answer: 

You don't indicate what type of fees you are referring to, so it is difficult to answer your question. If you are referring to deposit account fees charged to consumers, then Reg E [section 205.8(a)]and Reg DD [section 230.5(a)(1)] require advance notification to consumers when fees will be increased.

First published on BankersOnline.com 04/09/07

First published on 04/09/2007

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