Focus on Reg E Opt-in Now More Important Than Ever For Bank ODP Programs
Feb 1, 2020
Strunk has a proven track record of achieving maximum results with financial institutions across the country, helping them hit their ODP program goals.
Sandy Springs, United States - January 31, 2020 /PressCable/ —
It has never been more important to ensure that financial institutions have adequate coverage in regards to account holder Reg E opt-in. Reg E opt-in allows banks to authorize ATM withdrawals and everyday debit card purchases, which may overdraw an account holder’s checking account, as long as they have provided their consent for the bank to do so.
Data recently released by a 2019 Federal Reserve Payments study shows that only 9% of all transactions in 2018 were from checks paid and 16% were via ACH. An overwhelming 42% of transactions were made via debit card. This decline in traditional transaction types, in favor of a debit card, means that it is extremely important to focus on the proper opt-in approach.
According to Part 205 of Electronic Fund Transfers (Regulation E), the financial institution must give “Reasonable opportunity to provide affirmative consent.”
A financial institution provides a consumer with a reasonable opportunity to provide affirmative consent when, among other things, it provides reasonable methods by which the consumer may affirmatively consent. A financial institution provides such reasonable methods, if—
1. By mail. The institution provides a form for the consumer to fill out and mail to affirmatively consent to the service.
2. By telephone. The institution provides a readily-available telephone line that consumers may call to provide affirmative consent.
3. By electronic means. The institution provides an electronic means for the consumer to affirmatively consent. For example, the institution could provide a form that can be accessed and processed at its Web site, where the consumer may click on a checkbox to provide consent and confirm that choice by clicking on a button that affirms the consumer’s consent.
4. In-person. The institution provides a form for the consumer to complete and present at a branch or office to affirmatively consent to the service.
By arming bank personnel with the most effective procedures, the bank can be certain to achieve optimum opt-in to overdraft privilege programs. Strunk has a proven track record of achieving maximum results with financial institutions across the country. Strunk helps banks hit their ODP program goals, all while remaining in compliance with applicable laws and regulations.
Contact Info:
Name: Dan Roderick
Email: Send Email
Organization: Strunk
Address: 375 Northridge Road Suite 550, Sandy Springs, GA 30350, United States
Phone: +1-800-728-3116
Website: https://strunkaccess.com
Source: PressCable
Release ID: 88944821
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