OVERDRAFT BASICS
When do Overdraft Fees and Returned Item Fees post?
The business day after the transaction was processed according to Transaction Posting Order.
What program gives customers an extra day to fix overdrafts?
Citizens Peace of Mind™.
Should associates offer a rebate before the customer asks?
No.
Identify a solution we can provide to help customers prevent future overdrafts.
Account alerts, balance alerts, ODLOC, SODP, direct deposit monitoring, reviewing recurring payments, opening EverValue checking.
Name the three rebate request types.
Bank Error, Fraud, Courtesy.
Which two customer account type are not charged Overdraft Fees?
Student Checking and Citizens EverValue Checking.
By what time must funds be deposited to qualify for a Peace of Mind Rebate?
10:00 p.m. ET the next business day after overdraft occurs.
Where are colleague-account rebate requests referred to?
myBank at 866-571-4653
What should an agent do when a customer overdrafts frequently and is not eligible for a rebate?
Identify the root cause and recommend solutions to help prevent future overdrafts
Give me one example of Bank error.
Can be : Double posting, missing deposit, account closure issue, or colleague/customer miscommunication.
What's the maximum number of Overdraft Fees a consumer account can receive in one business day?
Five fees, up to $175.
What balance must the account reach to receive Citizens Peace of Mind?
A zero or positive balance, minus overdraft fees. Balance must remain at or above zero the entire business day to receive the Peace of Mine rebate.
How often can a consumer account receive a courtesy Overdraft Fee rebate?
One $35 rebate every rolling 12 months
A customer has already received a courtesy overdraft rebate within the last 12 months. What is the best next step for the agent?
Show empathy, Explain the rebate is unavailable, and focus on future prevention tools and account management solutions
Name at least one fee that is ineligible for a courtesy fee rebate.
Wire fee, currency exchange fee, annual fees (LOCs), Safety deposit box, stop payments, CD early withdrawal.
What's the maximum number of Overdraft Fees a commercial account can receive in one business day?
Eight fees, up to $280.
When do overdraft fees appear on account history/CSS?
The day after the fees post.
What is the Small Business courtesy overdraft-related rebate limit?
One $35 rebate every rolling 12 months
A customer wants all $105 in business overdraft fees refunded, but only qualifies for a courtesy rebate. What do you do?
Explain the fees were assessed correctly and offer the eligible $35 courtesy rebate.
Are Overdraft fees eligible for rebates?
What must customers have by the end of each business day to avoid overdraft-related fees?
Available funds sufficient to cover transactions.
True or False: Must Pay items can be returned to avoid overdraft fees.
False. Must Pay items are always paid.
What is an example of a must pay transaction?
Debit memo, withdrawal, Transfer, cashed check etc. More answers can be found under PR1211.
A missing deposit caused the overdraft fee. What do you do?
Bank Error — investigate and refund the fee if confirmed.
Which teams may use the Courtesy Fee Rebate Exception Policy?
Business Banking, Elite Servicing and ICR.