Regulation E Overdraft Opt-In

Regulation E’s overdraft rules related to ATM and 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.  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.  It’s a good idea to have a script of some kind so that everyone is giving the same information.

Jerod gives more tips in the video.

 Published
2021/05/20

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