Answer:
The Regulation E opt-in requirement affecting a bank's ability to assess overdraft fees for ATM and one-time debit card transactions provides that an opt-in by a consumer can be revoked at any time, and that a consumer can consent (opt-in) to a bank's overdraft service at any time. Put more simply, the regulation gives the consumer the right to change his or her mind, and to do so repeatedly.
Just to complicate matters a little, if an account is jointly owned, and the owners can't agree on whether to opt-in, Owner A could opt in, followed quickly by a revocation from Owner B, followed by a new opt-in from Owner A, and so on. A bank confronted with chronic opt-in switch flickers could reasonably decide to take the drastic action of requiring the customers to close out their accounts or simply refuse to accept an opt-in (denying the customer access to the overdraft service).
First published on BankersOnline.com 5/03/10
print
share