Charging NSF Fees on Saving Accounts w/ACHs

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Question:

We accept ACH debits from our savings accounts. When one comes in that is "NSF" can we charge an "NSF" fee if we properly disclose it on our account charges?

Answer:

There is no federal rule prohibiting such a practice. Unless you are exempt from state pricing rules, check your state's provisions before imposing such a fee. If there are no state impediments, make certain that you've disclosed the fee properly under Regulation DD, and then you can charge it.

First published on BankersOnline.com 08/01/05