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Reg E and Savings Accounts

Answered by: 
John Burnett

Question: 
Does the Reg E opt-in rule apply only to checking accounts? We have many cards that are also attached to savings accounts. Do they need to sign a form for the savings account as well, or does the opt-in not apply because the overdraft privilege is only attached to checking accounts?
Answer: 

The rule applies to any consumer deposit account that can be accessed with an ATM or debit card, is capable of being overdrawn with an ATM or one-time debit card transaction (with or without your authorization), and is subject to an overdraft fee if overdrawn. Because overdraft privilege doesn't extend to a savings account, the Reg E rule means you cannot impose an overdraft fee for an ATM or one-time debit card transaction that, with our without your authorization, overdraws the savings account.

First published on BankersOnline.com 8/23/10

First published on 08/23/2010

Filed under: 
Operations
Filed under operations as: 
ATM
Savings Accounts

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