In Regulation E, it says that the consumer is only liable for $50 if he notifies the bank within two days. Does this apply to a transaction on which it was determined that there was no error (verified by Visa)? Is the bank liable for everything other than the $50?
There is an exception in section 205.17(b)(4) to the new overdraft service opt-in requirement for ATM and one-time debit card transactions if a card issuing financial institution has a policy and practice of not authorizing and paying ATM or one-time debit card transactions that would overdraw a consumer's account at the time of the authorization request. Does that exception allow us to impose an OD fee on a consumer who has not opted in, if we authorized a transaction against a sufficient balance and by the time the transaction is presented for posting the funds have been depleted and the account is forced into overdraft?
If customer A has a debit card transaction that will post to his account on Tuesday, but also has a check that posts to his account during Monday night clearing resulting in the debit transaction creating an overdraft, even though funds were available when the transaction was originated, can we charge an overdraft fee if the customer has not opted in?
If we begin sending notifications to customers during the first quarter of 2010 with an effective date equal to the mandatory compliance date of 7/1/10, and a customer returns the notification but opts out, would we be required to honor the opt-out prior to the effective/mandatory date, or could we advise him that the opt-out would not take effect until such date?
I am reviewing our compliance due to the recent reminder from FDIC via FIL-66-2009 regarding Disclosures at ATMs. Are we required to post notice on both the outside face of the physical ATM and on the screen? If so, must these notices also disclose the fee amount?