03/01/2005
Since its introduction several years ago, the regulatory agencies have expressed serious concerns about bounce protection programs which, unlike traditional overdraft programs, can lead consumers i
12/06/2004
Our Senior Management has decided to move the overdraft function from a lender with credit authority to the Operations department as a clerical function. Does this make sense?
11/29/2004
We have an employee who has been terminated. Her checking account is in an overdraft status. Can we offset her last pay, which is direct deposited into her savings account, to cover the overdrawn checking account? It would use all of her net pay to cover the overdraft.
09/20/2004
Under our procedures on Regulation O, if a board member has an overdraft on an account which is less than five days and less than $1,000, no overdraft fee is charged. The bank says they do not charge overdraft fees to customers in "similar" circumstances. Is this a Reg. O violation or not?
06/07/2004
I am trying to get a clarification on Reg O regarding overdrafts. Reg O states in <a href="http://www.bankersonline.com/regs/215/215-4.html">Section 215.4</a> that the prohibition in paragraph (e)(1) does not apply to payment of inadvertent overdrafts on an account in an aggregate amount of $1,000 or less, provided the account is not overdrawn more than five business days and the executive officer or director is charged the same fee charged any other customer of the bank in similar circumstances. Our policy says it is a violation of Federal Regulations for any account on which an executive officer or director is a signer to be overdrawn. If the overdraft was inadvertent, the amount was $1,000 or less, the account was not overdrawn over the five days, and the person was charged the same fee that any other customer would be charged, is it a violation ot the Reg to pay the overdraft?
06/01/2004
When the lifeguard says it's not safe to go into the water, it is generally a good idea to stay out - and dry.
03/17/2003
Are there any regulations prohibiting a bank's internal DDA accounts from being in an overdraft position?
02/17/2003
We have a single party checking account that belongs to the spouse of an executive officer. The executive officer does not sign on the account. Would this account be covered by Regulation O in case of overdrafts?
01/20/2003
If the executive officer is joint owner of an account which is overdrawn and it is bank policy not to charge bank employees overdraft charges, under Reg O is it appropriate not to charge the executive officer?
12/01/2002
Management may be excited about the fee income opportunities with an overdraft product. In fact, fee income is the carrot that the vendors are using to sell the product.