Posts Tagged ‘Regulations’

New York State Department of Financial Services (NYDSF) is one step closer to releasing cyber security regulations aided by the largest security hacking breach in history, against JP Morgan Chase. The attack on JPMorgan Chase is revealed to have generated hundreds of millions of dollars of illegal profit and compromised 83 million customer accounts. Yesterday […]

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

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

Changes to Reg E will have a dramatic impact on the economic of free checking and checking in general. Let’s first look at the main points of the new rules: 1. Consumers must explicitly opt in to overdraft charges for ATM and one time debit card transactions for both new and existing accounts. 2. These […]

Jan 26th, 2010 | Filed under Retail Banking