Skip to content

Reg E overdraft opt-ins

We do not approve overdrafts unless a customer has a line of credit or ties a savings account to the checking. Should we be obtaining an opt-in so we can charge a fee if the customer does not have available funds in the line of credit or savings account?

The opt-in requirement in Reg E is only for institutions that offer an automated “courtesy pay” overdraft program where overdrafts are approved against a “padded” balance. You should not obtain an opt-in if you do not offer such a program since the only thing a customer can opt into is a fee.

Learn more about Brian’s webinar Debit Card Compliance Maze.

First published on 04/24/2016

Filed under: 
Filed under compliance as: 

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics