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Final guidance issued by FDIC for overdraft programs

The FDIC has issued final guidance on how banks should implement and maintain oversight of automated overdraft payment programs. Banks will be required to “closely monitor” their automated programs, actively inform chronic overdraft users of alternatives, and allow opt-outs from non-electronic overdraft programs. The final guidance is essentially unchanged from the FDIC's August proposal.

Needless to say, the OBA is very disappointed with the final guidance that's being put forth. Its tone and the manner in which it tries to impose limitations on how you take care of your customers is extremely negative and puts banks at risk for doing what they'resupposed to do.

Click here to see the entire guidance piece published by the FDIC.

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