Overdraft Fee Disclosures

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Question:

Our bank would like to start charging fees on overdrawn accounts. What disclosures are required to send to our customers?

Answer:

It would be a change of terms requiring dislcosure under Reg DD (30 day advance notice) and any fees charged would have to be included on the periodic statement in the required disclosures for reporting of overdraft charges for the statement period and YTD reporting (beginning 01/01/10).

First published on BankersOnline.com 12/14/09