Do your new account and TISA disclosures contain subjective and/or unclear language in how overdrafts are processed and handled at your FI?

Answered by:

Kimberly Boatwright | CRCM, CAMS, FLE

Question:

FIs that have not taken the time to look at fees through the customers eyes run the risk accusations of illegal junk fees, abusive practices, and unfair standards to consumer.

Answer:

Regulators have been warning their institutions to review disclosures and make sure they align with the actual process for handling of overdrafts. Including things like subjective language for example “We may charge a fee” or “we may return your item and we may charge a fee”.

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Learn more about Kimberly Boatwright’s, Overdraft Programs and Their Risk to Your Financial Institution
webinar.