FORUM PROFILE

Overdraft Program waiting period

Home Forums Compliance Masters Group (Members Only) Overdraft Program waiting period

Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • #4271
    elebra
    Participant

    Of those that have overdraft programs, do you have a waiting period before the privilege is “turned on”? What is your procedure for doing so?

    #4273
    cstone
    Participant

    We do not have a “waiting period” – however our bankers may not offer the opt-in privilege if they are suspicious about how the customer intends to use it. For instance if the account is being opened with minimal deposit, and no recurring deposit is being established, such as payroll, then they may not offer opt-in until after they see some history. We’ve also found that Friday afternoons are a peak time for potential fraudsters – they come in to open with minimum cash deposit, ask for instant issue debit card and want to opt-in – big red flags that they’ll hit the ATM and POS terminals over the weekend and we’ll never see them again!

    #4277
    rcooper
    Keymaster

    What I have dealt with in the past did have waiting periods (e.g. 30,60, 90 days) for their overdraft programs and certain other requirements such as recurring deposits as well.

Viewing 3 posts - 1 through 3 (of 3 total)
  • You must be logged in to reply to this topic.