Independent Banker - April 2018 - 74

Risks & Rules
overdraft fees on the customer's
deposit account periodic statement,
and the disclosure of total overdraft
fees includes fees assessed when
items are paid and for items returned
unpaid. Fees for transferring funds
from another deposit account of the
consumer to permit the payment of
items without creating an overdraft
are not included in this disclosure,
even if a fee is charged for the transfer.
Similarly, fees imposed under an
overdraft line of credit agreement
covered by Regulation Z are not
included in the total overdraft fees.
Overdraft services continue to
be of regulatory interest. According
to one study, 18 percent of
Americans have overdrawn their
checking account in the past year,
24 percent of account holders were
enrolled in an overdraft protection
plan, and 64 percent of customers
24%
Percentage of account holders
who were enrolled in an overdraft
protection plan in the past year
overdrawing their accounts had an
annual income of less than $30,000.
The Consumer Financial Protection
Bureau (CFPB) reported in August
2017 that Americans paid $15 billion
in fees for bouncing checks or
overdrawing their bank accounts in
2016. The 2017 CFPB study was the
third report issued by the agency on
overdraft services.
In recent years, studies of or guidance
on overdraft programs have
been issued by the Offi ce of the
WEBINAR EXCLUSIVE:
The Latest on New Household Acquisition:
What New Account Holders Want in 2018
Tuesday, April 17 * 12am ET / 11am CT / 9am PT
WHO SHOULD ATTEND
CEO, CMO, Retail EVP, and Marketing Product Management
AGENDA
When it comes to new account acquisition, there is always new information
to learn and best practices to master, which can make keeping up with the
industry difficult. If your financial institution's acquisition program needs a
fresh look in 2018, this webcast is a must. During the hour-long presentation,
attendees will learn the latest and best practices for household acquisition,
new trends and developments, as well as relationship strategies and product
innovations to help make acquisition easier.
FEATURING
Stephen Nikitas
Senior Strategy Director
Harland Clarke
18%
Percentage of Americans who
have overdrawn their checking
account in the past year
Comptroller of the Currency and
the Federal Deposit Insurance Corporation.
Regulation E-Electronic
Fund Transfers Act rules require
specifi c disclosures and actions if an
institution that holds a consumer's
account will assess any fee or charge
on a consumer's account for paying
an ATM or one-time debit card
transaction as part of the institution's
overdraft service.
Community banks compete on
a very crowded playing fi eld. The
availability of technology to support
product management has allowed
community banks to offer products
and services commensurate with
larger institutions, including overdraft
protection programs. Continued
regulatory scrutiny and the demands
of customer service dictate strong
compliance measures to ensure those
products meet every requirement.
Mary Thorson Wright, a former
Federal Reserve examiner, is a fi nancial
writer in Virginia.
> REGISTER NOW on independentbanker.org
http://www.independentbanker.org
Independent Banker - April 2018

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