Skip to content

EFTs and Opting-in

Answered by: 

My question is related to PART 205—ELECTRONIC FUND TRANSFERS (REGULATION E) Section 205.17 Requirements for overdraft services. <i>(iv) Provides the consumer with confirmation of the consumer's consent in writing, or if the consumer agrees, electronically, which includes a statement informing the consumer of the right to revoke such consent.</i> For new accounts, will this requirement for confirmation be satisfied if the new account disclosures contain the appropriate language, or are we required to mail a separate confirmation to the customer who opts in after the fact?

There has to be a separate delivery of the confirmation, which must contain the language about being able to revoke an opt-in at any time. It can be a copy of the disclosure given earlier, if it includes the required information, but it still has to be a separate delivery, in written or, if approved by the consumer, electronic form. It can be handed to the customer at the time he or she opts in, emailed (if approved) or sent by snail mail. It can even be delivered as a screen in an online dialog in which the consumer opts in.

First published on 7/26/10

First published on 07/26/2010

Filed under: 
Filed under technology as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics