Reg E Updates for ATM/Debit Card NSF fees and Overdraft Privilege (ODP) NSF Fees

Earlier this month those credit unions that are licensed for Overdraft Privilege received an e-mail with a PDF document attached that discussed our plans for the various member Opt-In and Opt-Out requirements for ODP fees.

We are posting that document here with changes that discuss changes that include most credit unions. All substantive changes are noted with [3/31/2010] before the change, with our plans for handling the initial canvassing of your members for ODP and ATM/Debit Card NSF fee opt-outs.

Click here to access the document.

Please note that we are still receiving conflicting directions concerning the exact circumstances that require Reg E Opt-In/Opt-Out member elections.

We will keep you updated as we continue to finalize changes to CAMS-ii to accommodate the Reg E changes. We will have them completed in sufficient time to meet the deadlines.

Please address any further questions concerning this posting to the CBS Issue Tracking System.