Posts Tagged ‘Reg E’

Reg E required that banks separately and explicitly get customer permission for debit card and ATM overdrafts. This reduced the profitability of retail checking accounts by reducing NSF income to banks, making many checking accounts unprofitable. I discussed this in the Celent report, Reg, Reg Go Away: Sorry Banks, They’re Here to Stay, April 2010  […]

Oct 24th, 2012 | Filed under Retail Banking

Last week I attended Celent’s Innovation and Insight Day in Atlanta and had an opportunity to catch up with many of our clients, both banks and technology vendors. One of the banks told me an interesting story how after Reg E came into force, they saw a drop in debit card usage and a significantly […]

Jun 23rd, 2011 | Filed under Banking, Retail Banking

I just received a statement stuffer from one of my banks providing me “Important information for consumers about your checking account.” This is about the changes to Reg E. Consumers must opt-in to overdraft protection for one time debit card purchases and ATM transactions. This is a game changer in the world of retail banking […]

Apr 5th, 2010 | Filed under Uncategorized

Recent changes in Reg. E requiring banks to institute mandatory opt-in provisions for courtesy overdraft programs weren’t a big hit with most banks – for good reason. NSF fees comprised 74% of total fee income collected by US banks in 2007 according to the FDIC, amounting to nearly $30 billion. Right or wrong, NSF fees […]

Mar 10th, 2010 | Filed under Retail Banking