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Question of the Week: Reg E Overdraft Opt-in
Posted: Dec 6, 2024 | Author:
Cornerstone Compliance Team
ATM
One time debit
Opt In
Regulation E
Question:
Should we retain evidence that our members have opted in to overdraft coverage on ATM and one-time debit transactions?
Answer:
Yes. Per Regulation E, Section 1005.17(b), affirmative consent/opt-in must be obtained before a credit union can charge a fee on ATM and one-time debit transactions.
The Consumer Financial Protection Bureau recently issued Circular No. 2024-05 that states proof that a member has provided affirmative consent/opt-in should be retained. The form of the records that demonstrate consumer consent to enrollment may vary according to the channel through which the consumer opts in to covered overdraft services. For more information see Circular No. 2025-05.
