REG E
WHAT IS THE DAILY FEE CAP FOR REG E?
$180
6-DAY
WHAT TYPE OF TRANSACTIONS FALL UNDER REG E OPT IN/OUT?
ONE TIME DEBIT CARD PURCHASES,
ATM WITHDRAWALS
WHAT ARE THE FEE IMPLICATIONS FOR CUSTOMERS WHO OVERDRAWS THEIR ACCOUNT?
EACH OVERDRAFT ITEM COSTS $30
TRUE OR FALSE?
YOU ARE AUTOMATICALLY ENROLLED IN AUTOMATIC OVERDRAFT DURING ACCOUNT OPENING?
TRUE
WHY IS REG E BENEFICIAL TO THE BANK?
FEES ALLOWED UNDER REG E, SUCH AS OVERDRAFT CHARGES, CAN PROVIDE AN ADDITIONAL SOURCE OF INCOME FOR THE INSTITUTION.
TRUE OR FALSE?
IF A CUSTOMER OPTS IN REG E , THE BANKS IS REQUIRED TO PAY THAT ITEM.
FALSE
EVEN IF A CUSTOMERS OPTS IN,THE BANK IS NOT REQUIRED TO PAY THE TRANSACTION. COVERING AN ITEM IS ALWAYS A THE BANKS DISCRETION.
WHAT IS USED TO ENROLL CUSTOMERS IN REG E
A9 FORM
WHAT TRANSACTIONS APPLY TO AUTOMATIC OVERDRAFT?
CHECKS, ACH DEBITS AND RECURRING DEBIT CARD PURCHASES
"OFFER DEBIT CARD" WARNING FLAG POPS UP IN DNA.
WHAT IS A GOOD CONVERSATION STARTER?
“How do you typically make purchases or pay bills?” “Do you currently use a credit or other card for shopping and daily spending?” “ How do you typically prefer to access and manage your checking account funds?
IF CUSTOMERS CHOOSE ALL THREE REG E, AOS , AND DRAW ACCOUNTS WHICH APPLIES FIRST ?
DRAW ACCOUNTS
CAN A CUSTOMER OPT IN OVER THE PHONE ?
YES, BUT THEY HAVE TO BE TRANSFFERED TO CCC TO BE ON A RECORDED LINE.
WHAT IS ANOTHER OPTION TO AVOID OVERDRAFT FEES?
DRAW ACCOUNTS
TRUE OR FALSE
SAVINGS ACCOUNTS ARE ELIGIBLE FOR REG E
FALSE
A CUSTOMER HAS $5 IN CHECKING AND MAKES A $20 DEBIT CARD PURCHASE. THEY ARE NOT ENROLLED IN REG E. WHAT WILL HAPPEN?
TRANSACTION WILL BE DECLINED
HOW OFTEN ARE NOTIFICATION LETTERS MAILED TO CUSTOMERS ?
QUARTERLY,
THEY CAN REQUEST TO STOP RECIEVEING LETTERS. PROCEDURE IN ASK CARTER
TRUE OR FALSE?
A CUSTOMER CAN ENROLL IN OVERDRAFT SERVICES IF THEIR ACCOUNT IS OVERDRAWN?
FALSE