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#1382149 - 04/27/10 05:15 PM Opt-in Confirmation Timeframe???
BSBIA Offline
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Joined: Dec 2009
Posts: 21
Does anyone know if there is an actual timeframe for mailing back the opt-in confirmation to the customer. I read the commentary and did not see anything, but I could have missed it. Thanks

7. Written confirmation. A financial institution may comply with the requirement in § 205.17(b)(1)(iv) by providing to the consumer a copy of the consumer’s completed opt-in form or by sending a letter or notice to the consumer acknowledging that the consumer has elected to opt into the institution’s service. The written confirmation notice must include a statement informing the consumer of his or her right to revoke the opt-in at any time. To the extent the institution complies with the written confirmation requirement by providing a copy of the completed opt-in form, the institution may include the statement about revocation on the initial opt-in notice.

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#1382449 - 04/27/10 08:41 PM Re: Opt-in Confirmation Timeframe??? BSBIA
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
The proposed clarifying amendments to Reg E would add to that the following:
Quote:
An institution may not assess any overdraft fees or charges on the consumer’s account until the institution has sent the written confirmation. An institution complies with this requirement if it has adopted reasonable procedures designed to ensure that the written confirmation is sent before fees are charged.

There is no specific time frame, but until you send it, you cannot impose overdraft fees for card transactions subject to §205.17.
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John S. Burnett
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#1383088 - 04/28/10 06:32 PM Re: Opt-in Confirmation Timeframe??? John Burnett
BSBIA Offline
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Joined: Dec 2009
Posts: 21
That is what I thought - thank you for confirming:-)

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