Reg E Opt-In Available to Bank Employees?

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Question:

Is there anything in Reg E / Opt In that prevents it from being offered to bank employees?

Answer:

Employees are customers, too! Reg E's only statement relating to employee accounts is that you cannot require an employee have direct deposit of their payroll at your institution. Employees can be offered the same services including the ability to use overdraft services.The exceptions to this can be found in Reg O which governs loans to executive officers, directors, and principal shareholders of the bank. Section 215.4(e) prohibits overdrafts to these insiders.

First published on BankersOnline.com 7/4/11