Truth in Savings Disclosures for Overdrafts

The Truth is Savings Act (Regulation DD) has several disclosure requirements related to overdrafts.  For instance, account-opening disclosures must spell out …the amount of any fee that may be imposed in connection with the account (or an explanation of how the fee will be determined) and the conditions under which the fee may be imposed.  To satisfy the conditions requirement … institutions must specify the categories of transactions for which an overdraft fee may be imposed.  An exhaustive list of transactions is not required.  The Commentary gives some model language that is generally considered to be sufficient:

_______________ fee/charge applies to overdrafts “created by check, in-person withdrawal, ATM withdrawal, or other electronic means”... 

These are not the only overdraft-related disclosures required by Regulation DD.  Jerod discusses more in the video.

 

 Deposit Operations Training

Published
2025/07/23

 
Jerod Moyer

Jerod Moyer

Jerod is the leader of Banker’s Compliance Consulting’s training productions. He is a nationally recognized speaker. Whether it’s a conference, seminar, school, webinar or luncheon, it’s easy to stay engaged when he presents due to the amount of passion and energy he brings to each and every compliance topic. Jerod has spoken on behalf of the American Bankers’ Association, BankersOnline, many state banking associations, private compliance groups and financial institutions. He is a Certified Regulatory Compliance Manager (CRCM) and BankersOnline Guru. Jerod likes to spend his time (between reading regulations and producing compliance training!) relaxing at the lake with his wife and three children, following their activities or engaged in something sports-related!

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