POLICIES
WHAT YEAR WAS THE OVERDRAFT PAYMENT PROTECTION PROGRAM POLICIY LAST REVISED?
2018
HOW MANY OVERDRAFT PROTECTION PLANS DOES FAB&T OFFER?
TWO: BASIC OVERDRAFT PROTECTION & EXTENDED OVERDRAFT PROTECTION
HOW MANY FRESH START LOANS CAN ONE ACCOUNT HAVE?
IT DEPENDS ON ACCOUNT AND THE QUALIFICATIONS THE ACCOUNT MEETS. THERE IS NOT A SET NUMBER.
IF A CUSTOMER WISHES TO REINSTATE OVERDRAFT PROTECTION ON THEIR ACCOUNT, WHERE DOES THE AGREEMENT GO ONCE IT IS FILLED OUT?
GIVE IT TO THE BRANCH MANAGER FOR REVIEW AND RECOMMENDATION
DOES A NEW AGREEMENT HAVE TO BE FILLED OUT EACH TIME OVERDRAFT PROTECTION IS APPLIED FOR OR IS BEING TAKEN OFF AN ACCOUNT?
YES, EVERY TIME THERE IS A CHANGE TO OVERDRAFT ON AN ACCT, THERE NEEDS TO BE NEW PAPERWORK TO BACK-UP THE CHANGES.
WHERE CAN YOU FIND THE CONSUMER OVERDRAFT PAYMENT PROGRAM POLICY AT?
PUBLIC DRIVE- POLICIES- CONSUMER OVERDRAFT PAYMENT PROGRAM POLICY
WHERE CAN YOU FIND THE OVERDRAFT AGREEMENT FOR CUSTOMERS TO SIGN?
PUBLIC DRIVE--- BANK FORMS--- OVERDRAFT PROTECTION PROGRAM
CAN A CUSTOMER WITH 2 FRESH START LOANS QUALIFY FOR OVERDRAFT PROTECTION REINSTATEMENT?
YES. THEY CAN GET OVERDRAFT PROTECTION AGAIN IF THEY MEET ALL THE QUALIFICATIONS EXPLAINED IN THE AGREEMENT.
IF THEY HAVE 3 OR MORE FRESH STARTS ON THEIR ACCOUNT, THEY NO LONGER QUALIFY FOR OVERDRAFT PROTECTION.
IF A CUSTOMER HAS HAD OVERDRAFT REMOVED ONCE FROM THEIR ACCOUNT, WHAT DO WE NEED TO LOOK AT FOR REINSTATEMENT?
-30 DAY REVIEW PERIOD
-REGULAR MONTHLY DEPOSITS THAT EXCEED $500
-ONE OR FEWER NSF ITEMS DURING THE 30 DAYS
-NUMBER OF FRESH STARTS FOR THE ACCOUNT
*** BRANCH MANAGERS CAN APPROVE OVERDRAFT PROTECTION AFTER CHARGE OFFS (DO NOT TELL CUSTOMER THIS INFORMATION)
YOU CAN OPT IN OR OUT OF OVERDRAFT PROTECTION AT ANY TIME.
TRUE
WHAT REGULATION DOES THE BANK HAVE TO COMPLY WITH PERTAINING TO OVERDRAFT PROTECTION?
REG DD
HOW MANY STATEMENTS SHOULD A CUSTOMER INITIAL BY WHEN APPLYING FOR FULL OVERDRAFT PROTECTION?
3:
-I understand the terms of the Overdraft Protection Program outlined above and I want Overdraft Protection for my account.
-I understand that I may not qualify for Overdraft Protection on my account.
-I wish to opt-in to the Extended Overdraft Protection for ATM and debit card transactions.
WHICH DEPARTMENT SENDS OUT FRESH START PAPERWORK TO CUSTOMERS?
ACCOUNTING
IF A CUSTOMER HAS HAD OVERDRAFT REMOVED MORE THAN ONCE FROM THEIR ACCOUNT, WHAT DO WE NEED TO LOOK AT FOR REINSTATEMENT?
-REVIEW PERIOD OF 6 MONTHS
-REGULAR MONTHLY DEPOSITS THAT EXCEED $500
-NO MORE THAN 6 NSF ITEMS DURING THE 30 DAYS
-NO MORE THAN 2 FRESH STARTS ON THE ACCOUNT
-ACCOUNT CANNOT HAVE BEEN CHARGED OFF
50 DAYS CAN AN ACCOUNT STAY NEGATIVE WITH NO DEPOSITS UNTIL IT IS CHARGED OFF?
35
*IF AN ACCT WITH A NEGATIVE BALANCE OF $750 OR MORE, IT MAY BE CHARGED OFF IMMEDIATELY REGARDLESS OF WHEN THE LAST DEPOSIT WAS MADE.
HOW MANY OD/NSF FEES MAY BE CHARGED AGAINST A CONSUMER ACCOUNT DAILY?
UP TO 7 DEPENDING UPON THE NUMBER OF TRANSACTIONS PROCESSED OR CHECKS PRESENTED TO THE BANK WITHIN THE SAME BUSINESS DAY
WHO CAN APPLY FOR OVERDRAFT PROTECTION?
ANYONE WITH A CONSUMER CHECKING ACCOUNT
CAN A CUSTOMER REQUEST TO START A FRESH START LOAN?
NO, THIS IS SOMETHING THAT ACCOUNTING DECIDES ON.
CAN A CSR APPROVE OVERDRAFT REINSTATEMENT IF THEY KNOW THE CUSTOMER WELL?
NO, THE CSR CAN COMPLETE THE AGREEMENT WITH THE CUSTOMER; HOWEVER, THE CSR WILL THEN NEED TO SEND IT TO THE BRANCH MANAGER IN AN EMAIL FOR REVIEW.
ANY BRANCH MANAGER, LEAD, OR CSR CAN APPROVE OVERDRAFT FEES TO BE REFUNDED.
FALSE.
LEADS AND BRANCH MANAGERS CAN REFUND FEES PER THEIR DISCRETION.
HOW ARE TRANSACTIONS PROCESSED THROUGH AN ACCOUNT?
ALL CREDITS- ALL DEBITS (SMALLEST TO LARGEST BY TYPE OF TRANSACTION*)
*CASH WITHDRAWALS (ATMS, CHECKS CASHED AT BRANCH LEVEL) OR DEBIT CARD PURCHASES PRESENTED TO THE BANK BY MERCHANTS-- ACCOUNT TRANSFERS (BRANCH LEVEL, PHONE, OR ONLINE)-- ACH TRANSACTIONS, BILL PAY, CHECKS DRAWN OFF OF ACCOUNT HOLDERS ACCT (PAYING A BILL)-- LINKED ACCOUNT TRANSFERS
BASIC OVERDRAFT PROTECTION WILL BE AUTOMATICALLY PROVIDED TO ALL QUALIFIES* ACCOUNTS AFTER THIRTY (30 DAYS). WHAT QUALIFIES AN ACCOUNT FOR OVERDRAFT PROTECTION?
ACCOUNTS THAT CONTAIN:
-REGULAR DEPOSITS
-ONE OR FEWER INSUFFICIENT ITEMS
-NO RETURNED MAIL
-THE PRIMARY OWNER THAT DOES NOT CURRENTLY HAVE AN ACCT WITH OVERDRAFT PROTECTION ON IT
CAN THE CUSTOMER DECIDE ON THE AMOUNT OF THEIR MONTLY PAYMENT FOR THEIR FRESH START LOAN?
NO, ACCOUNT WILL HAVE THE AMOUNT ALREADY DECIDED AND EXPLAINED ON THE FRESH START PAPERWORK THE CUSTOMER WILL RECEIVE IN THE MAIL.
CAN ANYONE GET OVERDRAFT REINSTATED ON THEIR ACCOUNT(S)?
NO, THERE ARE GUIDLEINES AND POLICIES THAT WE FOLLOW FOR REINSTATEMENT.
A LETTER IS SENT OUT TO CUSTOMERS AFTER THEIR ACCOUNT(S) HAVE BEEN OVERDRAWN FOR 15 CONSECUTIVE DAYS.
TRUE