In November, the Federal Reserve Board issued final rules — Regulation E — that prohibit financial institutions from charging consumers fees for paying overdrafts on ATM and one-time debit card transactions unless a consumer consents, or opts in, to be charged a fee for those types of transactions. The ruling, which becomes effective July 1, 2010, also requires an opt-in form that contains specific information on the institution’s overdraft practices and policies, including the fees associated with the services, and the consumer’s options.download pdf
When it comes to promoting checking accounts, it’s imperative first to get consumers in the door. Once they’re in, financial institutions can conduct a needs-based discussion about which checking account is right for them.
The requirements of the Community Reinvestment Act (CRA) make acquiring more customers in the low-to-moderate income segment an even higher priority for financial institutions. With a mandate to invest in banking services in underserved communities, it makes sense to consider cost-effective acquisition solutions that let you reach these unbanked and under-banked consumers, while also helping meet your CRA compliance goals.
Did you know that posting negative reviews online could result in a fine for violating that site’s rules against disparaging comments? Everyone relies heavily on the internet for answers and social media...