Update:
http://www.bkd.com/industry/financial_s ... ts-1-1.htm
Opt-In Requirement
The final rule requires consumers to opt in for the institution’s overdraft service for ATM and one-time debit card transactions before fees or charges may be assessed on their accounts. One-time debit card transactions may include a point-of-sale, online or telephone transaction. The opt-in requirement applies to all consumers, including those who opened accounts prior to the mandatory compliance date of July 1, 2010. The final rule allows a consumer to revoke his or her opt-in consent at any time. An institution also may terminate the consumer’s access to the overdraft service for any reason, including excessive use of the service.
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Same Account Terms, Conditions & Features
The final rule requires an institution to provide the same account terms, conditions or features to a consumer who does not opt in to an institution’s overdraft service for ATM and one-time debit card transactions. This includes, but is not limited to:
Interest rates paid and fees assessed
The type of ATM or debit card provided to the consumer, e.g., PIN-only cards and PIN and signature debit functionality
Minimum balance requirements
Account features, e.g., online bill payment services
Mandatory Compliance Date
The mandatory compliance date is July 1, 2010. For accounts opened prior to July 1, 2010, an institution must not assess any fees or charges on or after August 15, 2010, for paying an ATM or one-time debit card transaction pursuant to the overdraft service, unless the institution has obtained the consumer’s affirmative consent.