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Member FDIC Required On Overdraft Notices

Question: 
Are we required to put Member FDIC on overdraft notices, notice of returned deposit item, etc.? We typically use it as much as possible but in this case like to remove it so that I can use the same notice paper for a non-FDIC insured item - safe deposit boxes and their payment notices.
Answer: 

Answer by Randy Carey: Typically, these notices do not normally meet the definition of advertisement.

Sec. 328.3 Official advertising statement requirements.

(a) Advertisement defined. The term “advertisement,” as used in this part, shall mean a commercial message, in any medium, that is designed to attract public attention or patronage to a product or business.

Answer: 

Answer by Andy Zavoina: The answer is no unless you are advertising another insured deposit product in that mailing. For this notice the customer already has the account with you and the insurance has been disclosed to them already. As Randy said, this is not an advertisement, it is not a new product.

First published on 08/23/2015

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