Regulation E and Affirmative Consent to Overdraft Program by Telephone
Issue/Inquiry
The Bank accepts affirmative consent from a consumer for its overdraft protection program by telephone. Regulation E states “The institution must provide a readily-available telephone line that consumers may call to provide affirmative consent”. Is it sufficient for a customer to call the branch and/or the Deposit Operations Department and simply say they want to opt in? If so, how does the Bank retain evidence of compliance under Regulation E?
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