Opt Out Early Deposit

Answered by:

Question:

Our bank offers early access to direct deposit funds, up to two days early depending on the timing of the submission from the payer. The bank wants to add an Opt-Out option for customers who prefer not to receive direct deposits early. Could you please confirm there is not a operational or regulation reason why the bank cannot accept an Opt-Out request either verbally or in an email. We want to make the Opt-Out option easy for the customer without requiring a signed form. The bank plans to document the customers name and date of request in an account note.

Answer:

Since early access is a perk and not a requirement, how you handle any opt-out process is really up to you. You just need to be very clear as to what the opt-out might cause, like overdraft fees the day before a direct deposit. Why anyone would want to opt-out is a little beyond my comprehension.