Our operations department wants to consider implementing the following: all customers who have signed up for e-statements will receive any NSF notices via email. We have an encryption system (Zixmail) available, so they would likely go out that way. Would this be covered under our existing e-statement disclosure, or should we have those customers sign a second authorization?
We have a client who has not opted in to our overdraft program. His current balance is $100. He has an outstanding check card authorization of $90, making his available balance $10. A check for $25 comes in for payment. Can we or can we not decision that check to return and charge?
Many bank marketers are being bombarded with information from various sources about Reg. E and the rules of Opt In/Opt Out. One of the areas of the greatest concern is, once the form is returned to the bank from an existing customer with the opt out option, how long do we have to honor that request? We are getting information now, that as long as we let him know, it will not be honored until August 15th, and we can continue to charge them an NSF charge until that time.
What is the regulation (if there is one) that explains that a closed account can be reopened should a debit card or EFT/auto debit come through on a customer’s closed account?
Are there any regulations that speak to the following situation in regards to presentment and processing? ATM deposit was made on Jan 30, 2008 thru a deposit automation ATM. There were server issues that prevented the check image from being received for processing however the member received immediate credit and had access to the funds. The outage that occurred from the original technical problem was not resolved until April 21, 2008. The original check was submitted for processing because it was a negotiable item and not more than 6 months old. The item was returned April 24, 2008 as NSF. Because there was a 2 month timeframe between deposit and check processing the member does not feel they should be responsible for the returned check. We have attempted to collect the NSF item on behalf of the member with no success.
We have a POS debit coming through one of our accounts that was not authorized by the bank. It was declined NSF, but I am being told that we can not return a POS no matter what. In this case, the merchant forced the POS knowing that it was declined, so why should the bank have to pay for it? Where can I find the rules that govern this kind of transaction?
We've debated offering NSF or overdraft notices (the postcard when an account overdraws and overdraft protection kicks in) in electronic form rather than in writing via postcard or letter. Is there a regulation that NSF or overdraft notices are required to be delivered in writing to the customer? The transaction is clearly noted on the periodic statement as required. We feel that delivering electronically (via email or secure message) provides a more timely notice to our customers, therefore enabling them to prevent further overdrafts. However, we want to ensure we aren't violating any regulations that requires the notices be in writing. Please advise.
Where can I get a list of return reasons electronically? I have been asked to provide an electronic listing of "R codes", (R01 NSF, R02, account closed) but I have been unable to locate them to fulfill this request.
Pay day loan companies are illegal in NC and a customer gets loans from six different companies then finds out it is illegal. He or she is then advised that they don't have to pay them back because they have no recourse against her in NC, so he or she wants to dispute the ACH debits as unauthorized transactions under Reg E and have all the money put back in his or her account. Wouldn't they have to return the credits as well? Also, does the bank have to return any NSF fees involved?
When issuing provisional credit to a customer, the customer must be notified within two business days after the provisional credit was given indicating the date and amount of credit. Should the notification include the refund of any NSF fees, or can it simply be the provisional credit of the transaction?