Are we required to obtain and retain a signed Opt Out form if a customer opts out of the payment of ATM W/Ds and one time debit card transactions?

We have in the past, but am not sure if we are doing so based on regulation or internal procedures.

I believe that it is required, but you may want to confirm this with other posters prior to making any changes.

A customer is considered opted out of payment and any related fees unless customer is provided a notice in writing describing OD service, we provide opportunity to consent/opt-in to the payment of ATM or one-time debit card transactions and we obtain affirmative consent. Once affirmative consent is received a written confirmation of customer's consent must be provided to customer. Related overdraft fees can then begin being assessed.

There is no requirement in Reg E that an opt-in or out be in writing. Acceptable ways are noted in the interpretations to 1005.17(b).

Reasonable opportunity to provide affirmative consent. A financial institution provides a consumer with a reasonable opportunity to provide affirmative consent when, among other things, it provides reasonable methods by which the consumer may affirmatively consent. A financial institution provides such reasonable methods, if:

i. By mail. The institution provides a form for the consumer to fill out and mail to affirmatively consent to the service.

ii. By telephone. The institution provides a readily-available telephone line that consumers may call to provide affirmative consent.

iii. By electronic means. The institution provides an electronic means for the consumer to affirmatively consent. For example, the institution could provide a form that can be accessed and processed at its Web site, where the consumer may click on a check box to provide consent and confirm that choice by clicking on a button that affirms the consumer's consent.

iv. In person. The institution provides a form for the consumer to complete and present at a branch or office to affirmatively consent to the service.

I have always taken the view, when developing a process, how will I prove to an auditor, examiner, or a court that what I say is true?