Answer:
The short answer is no, you don't have to do anything special, but as the regulatory language (see below) makes clear, you must not charge a fee for the overdraft. If you make a mistake after the effective date, and authorize the ATM or POS overdraft, don't impose a fee. If you make a mistake and impose a fee, you have to reverse it.
205.17(b) Except as provided under paragraph (c) of this section, a financial institution holding a consumer’s account shall not assess a fee or charge on a consumer’s account for paying an ATM or one-time debit card transaction pursuant to the institution’s overdraft service, unless the institution:
(i) Provides the consumer with a notice in writing, or if the consumer agrees, electronically, segregated from all other information, describing the institution's overdraft service;
(ii) Provides a reasonable opportunity for the consumer to affirmatively consent, or opt in, to the service for ATM and one-time debit card transactions;
(iii) Obtains the consumer's affirmative consent, or opt-in, to the institution's payment of ATM or one-time debit card transactions; and
(iv) Provides the consumer with confirmation of the consumer's consent in writing, or if the consumer agrees, electronically, which includes a statement informing the consumer of the right to revoke such consent.
First published on BankersOnline.com 6/07/10
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