ACH Audit Services
Regulation E: Final Rule and Official NACHA Commentary, Overdrafts
Thursday, November 12, 2009
Today the Federal Reserve Board announced final rules that prohibit financial institutions 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. See below for the FRB press release, information on the final rule, a summary, model disclosure language, and Design & Testing of Overdraft Disclosures.
