Mon, Jun 24, 2013
The NCUA amended Part 707 to expand the overdraft program disclosure requirements regardless of whether a credit union promotes the payment of overdrafts.
The credit union must separately disclose on each periodic statement:
- The total dollar amount for all fees or charges imposed on the account for paying checks or other items when there are insufficient funds and the account becomes overdrawn; and
- The total dollar amount for all fees imposed on the account for returning items unpaid.
For additional details including links to the regulations that all credit unions must follow in order to stay in compliance, visit the Advertising Overdraft Programs topic on the Advertising channel of InfoSight.