Charging Fee for Paper Statements and Reg DD

Answered by:

Question:

I am considering charging customers a small fee for their paper statements. Since Regulation DD requires disclosures on periodic statements, does that prohibit me from charging a fee for the statements? Can I charge a fee for something that I am required to disclose?

Answer:

Answer from Randy: Fees you can charge are regulated by State law.

Answer:

Answer from Andy: I am aware of no federal prohibition in the banking regs or E-SIGN, so revert to Randy's reply above for that allowance. But if your question is "does the fee need to be disclosed in advance of it being charged," yes.

First published on BankersOnline.com 11/21/11