Overdraft Fees On a Savings Account

Answered by:

Question:

Can you charge OD fees on savings accounts? Is this stated one way or the other under Reg DD?

Answer:

Your state may have a law dealing with this, but there is no federal prohibition I am aware of so long as the fees are properly disclosed in advance. Overdrawn savings accounts may need special treatment when you do your call report, however.

First published on BankersOnline.com 4/18/05