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.
Published
2025/07/23