New Reg DD Amendment - OD Fee Disclosures

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Question:

The new amendment to Reg DD requires disclosures of overdraft charges. Our bank does charge overdraft fees, but we do not offer any type of overdraft protection coverage. Does this new amendment still apply to us?

Answer:

Yes, the new amendment to the statement disclosure requirement to segregate and total fees for items paid into overdraft and fees for returned items that previously only applied to banks that promoted overdraft protection programs, now applies to all banks effective, 1/1/2010.

First published on BankersOnline.com 5/11/09