Additional disclosure requirements for overdraft services.

CFR · 2024-01-01 · US · Title 12

(a) (i) The total dollar amount for all fees or charges imposed on the account for paying checks or other items when there are insufficient or unavailable funds and the account becomes overdrawn, using the term “Total Overdraft Fees;” and (ii) The total dollar amount for all fees or charges imposed on the account for returning items unpaid. (2) (3) (b) (i) The fee or fees for the payment of each overdraft; (ii) The categories of transactions for which a fee for paying an overdraft may be imposed; (iii) The time period by which the member must repay or cover any overdraft; and (iv) The circumstances under which the credit union will not pay an overdraft. (2) (i) An advertisement promoting a service where the credit union's payment of overdrafts will be agreed upon in writing and subject to part 1026 of this title (Regulation Z); (ii) A communication by a credit union about the payment of overdrafts in response to a member-initiated inquiry about share accounts or overdrafts. Providing information about the payment of overdrafts in response to a balance inquiry made through an automated system, such as a telephone response machine, ATM, or a credit union's Internet site, is not a response to a member-initiated inquiry for purposes of this paragraph; (iii) An advertisement made through broadcast or electronic media, such as television or radio; (iv) An advertisement made on outdoor media, such as billboards; (v) An ATM receipt; (vi) An in-person discussion with a member; (vii) D

official document · source cfr-2024 · id 12:§ 707.11