Regulation E’s overdraft rules related to ATM & one-time debit transactions seem pretty straightforward. Since these rules have gone into effect; however, some institutions have unknowingly gotten themselves into hot water. If you are an institution that currently offers the opt-in or doesn’t offer the opt-in but is curious about doing so, we wanted to give you a few tips.
- First, don’t be misleading when it comes to “selling” this to your customer.
- Second, you obviously want to discuss the opt-in with your customer, but you need to make sure you are clearly explaining and informing them about what it is and what it isn’t.
- Lastly, it’s a good idea to have a script of some kind so that everyone is giving the same information.
Click on the video to listen to Jerod give more tips.
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