|
Final
Rule on Reg E Requires Opt In (cont'd)
I.
II
Financial institution
must provide a reasonable
opportunity for opt-in
to the service for ATM and
one-time debit card transactions.
II.
III.
Financial Institution
must provide consumer with
written confirmation
of the opt-in (or, if the consumer
agrees, electronically).
·
This must include a
statement regarding the right to revoke the consent.
·
Requirement is not
satisfied by including the information and a signature line or check
box in the account disclosures. The Notice must stand alone.
Timing
I.
Existing accounts –
accounts opened before
July 1,
2010, may have no fees or charges assessed on the
account on
or after August 15, 2010, for paying an
ATM or one-time debit card
transaction unless the
consumer’s opt-in has been obtained.
II.
II.
New accounts –
accounts opened on or
after July 1,
2010, must have the consumer’s opt-in notice
in the
institution’s possession before any fee or charge can be
assessed for paying an ATM or one-time debit card
transaction.
Safe
Harbor
I.
Provided for financial
institutions that comply with the
rule by adapting their systems to
identify debit card
transactions as either one-time or recurring.
II.
II. If systems adapted as
described above, financial
institution may rely on the coding of the
merchant, other
institutions, and other third parties.
III. III.
Requires modifications
to ensure merchant coding
retained
and passed through the system to the point
where decisions
to pay or refuse an ATM or one-time
debit card transaction are made.
Important
Items to Note:
I. “Reasonable” opportunity
to opt-in includes:
·
Providing
a written form the consumer can complete and mail.
·
Providing a readily
available telephone number.
·
Providing an
electronic form that can be accessed and processed at its Web site
that allows the consumer to click on a check box to provide consent
and confirm the choice by clicking on a button affirming the
consent.
·
Providing an
electronic form the consumer may complete and present in person at a
branch or office to provide the affirmative consent.
|
