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Reg. E (Overdraft/Courtesy Pay) Resources & MaterialsIn response to the Federal Reserve's rule that was issued last fall regarding new regulations governing overdraft and courtesy pay, Synergent created a working group, consisting of representatives from all divisions, to compile materials and resources to assist credit unions in complying with this regulation. Although not every credit union has an overdraft program, this new regulation impacts all credit unions. In the final rule, which takes effect for all new members as of July 1, 2010, and August 15, 2010, for existing members, all financial institutions are prohibited from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions, unless a consumer consents, or opts in, to the overdraft service for those types of transactions. The final rule prohibits financial institutions from discriminating against consumers who do not opt in.
Below are links to resources and materials.
Communication 4/20/10
Cover Memo
Overdraft Opt-out Form to Use Prior to 7/1/10
Overdraft Opt-out Form to Use with New Accounts After 7/1/10
Communication from Technology Services 3/31/10
Technology Services Reg. E Overview
Communication 3/10/10
Cover Memo
Recommended Time line
Inadvertent Overdraft Examples
Opt-in Confirmation Letter
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Overview Summary of Final Reg. E Rule
FAQs on Reg. E
Overdraft Talking Points
Synergent Offerings
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