Under the new Reg E rules, banks must disclose the amount of the overdraft fee before a client opts-in. From time to time, banks raise their overdraft fees. When we raise fees, will we be required to provide new disclosures, and will we be required to obtain new opt-in declarations?
If a case-by-case hold is invoked on an ATM deposit, is the consumer entitled to a refund of overdraft and returned check fees?
We've heard conflicting reports from the many webinars we've attended regarding Reg E. If we send out opt-in forms on May 1, do we have to begin waiving fees at that time, or can we give our customers the 8/15/10 effective date and begin waiving then?
All of the discussions about Reg E and charging overdraft fees after 7/1/10 refer to paying an account into an overdrawn status. If we simply return the check, refuse the one-time POS or ATM transaction, can we charge a return item fee, typically the same amount as an overdraft fee?
There has been some confusion about the new overdraft rules. Our bank has overdraft protection, but it is not automatically given to the customer when an account is opened. If the customer wants this protection, it must be requested, and the bank will review the account for approval. Will we still be required to meet the Fed's new overdraft fee requirements?
In a webinar on Reg E changes to overdraft, the presenter stated that if we comply early and start the opt in process, that we must also cease to charge fees on one time debit and ATM transactions. Is this correct?
We are a small community bank and do not have an overdraft protection program. Do we treat all our customers as opt-out come July 2010?
How are banks and servicers handling a consecutive overdraft fee? For example, if the account has been overdrawn for more than five consecutive days, the account will be charged a $10 overdraft fee on a daily basis until it goes positive. How will the bank/servicer manage the consecutive overdraft fee when the item creating or perpetuating the overdraft balance was an ATM withdrawal or one time debit card transaction on an account that did not opt-in?
In regards to the Reg E changes effective 7/1/2010, does the prohibition against charging fees on ATM or one time debit card transactions apply if you don't have any kind of courtesy overdraft program? For example, our bank does not authorize card transactions if there is no money in the account, however, at times checks or other transactions come in and pay out of the account before the card transaction posts, and since they have been authorized, we have to pay them. Will we be required to provide the opt-out notice?
With the new amendments to Reg DD in 2009 about ATM balances including ODP amounts, is it enough to have separate balances, i.e. Ledger Balance (actual) and Available Balance (including ODP)? That is what we have currently. I just want to make sure we are in compliance if the available balance doesn't actually state that it includes ODP.