Opt-In Reg E Required for OD Privilege Sweep Acct?

First, update your regulatory citations, please. The Regulation E you should refer to now is the rule issued by the CFPB, and your citation should be to Section 1005.17.

The opt-in requirement only applies to overdraft payment services, which are discretionary programs that may pay items overdrawing an account. It does not apply to overdraft protection programs that involve transfers from another of the customer's deposit accounts or from a bona fide line of credit. Refer to section 1005.17(a) .

First published on BankersOnline.com 2/4/13