You will soon be required to get an affirmative “opt in” from your customers before you can charge them a fee for overdrafts occurring at POS or the ATM. The media coverage has all been negative, yet this is a service that is highly valued by many customers – at least once they really stop to think about it.
To protect this valued service for them and this important revenue stream for your bank, you need to be prepared to have conversations with new and existing customers and proactively begin the conversation with high revenue customers.
We have a plan that provides training and scripting for all of the above scenarios and well-crafted direct mail communications. So far, we have:
We also have 30 clients that will be using us to mail to their customers. The mailing includes a letter explaining Reg E, the form itself and a Business Reply Envelope to return the form.
To find out more, contact your Haberfeld Account Executive or, if you are not a client Contact Us To listen to a podcast from the Federal Reserve on Opt In click here