Regulation E: Electronic Transaction Overdraft Services Opt-In
12 min! Run Time
Employees
only
Provided
What you'll learn
Skills covered in this course
Description
Before July 2010, banks could cover an overdrawn electronic transaction and charge a fee without the consumer's consent. Regulation E changed that.
What this course covers:
- Why the overdraft opt-in rule was added to Regulation E
- What overdraft coverage on electronic transactions means
- How consumers opt in to this coverage
- What the rule means for institutions and their customers
Built for staff who manage overdraft services and consumer accounts.
System Requirements
See System Requirements in the Coggno Knowledge Base
Author
Frequently Asked Questions
The course explains that before July 2010, banks could cover an overdrawn electronic transaction and charge a fee without the consumer's consent, and how Regulation E's opt-in rule changed that practice for institutions going forward from that date.
It covers why the overdraft opt-in rule was added to Regulation E, tracing the change back to the prior practice of charging overdraft fees on electronic transactions without ever asking for the consumer's consent beforehand.
This course covers what overdraft coverage on electronic transactions means in practice, defining the service that institutions may only apply once a consumer has actively opted in under the post-2010 Regulation E requirement described here.
The course explains how consumers opt in to this coverage, giving staff who manage overdraft services a clear picture of the consent step Regulation E now requires before any overdraft fee on an electronic transaction can apply.
It covers what the rule means for institutions and their customers, built for staff who manage overdraft services and consumer accounts under the opt-in requirement Regulation E added starting in July of 2010 going forward.
