No Fees: No Opt-in?

Four things have to apply to trigger a need for the disclosures:

1. The account is a consumer account
2. An ATM or debit card has been or will be issued that can access the account
3. The bank will or may authorize ATM or one-time debit card transactions that the bank believes at the time of the authorization exceed the available funds in the account
4. The bank will assess an overdraft fee when it pays an ATM or debit-card transaction that overdraws the account.

If any of those four elements is missing, you don't need to send a notice for the account in question.

First published on BankersOnline.com 6/21/10