Topic: Truth in Savings Act (TISA)
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I was given the impression at a recent seminar that increases in overdraft fees did not have to be disclosed to customers thirty days in advance. Is that true?
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You need to give customers 30 days advance notice under Regulation DD before you increase the amount of the overdraft fee that you charge. For example, if you are currently charging a $5.00 overdraft fee, you need to give your customers thirty days’ advance notice before you can increase the overdraft fee to $10.00. This…