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VeraCaUSA

Proof of Affirmative Consent

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Since the EFT Act requires a financial institution to obtain the affirmative consent of the consumer before they can charge a fee for paying ATM and one time debit card overdrafts, what options tdoes a consumer have get the money refunded when they did not to opt-in for that ATM and one time debit card overdraft service and was charged overdraft fees by the financial institution anyway?.  

 

 

 

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6 hours ago, adjusterjack said:

What did the people at the financial institution say when you brought the violation to their attention?

 

Weeks after initially contacting the local branch manager, I was finally informed by the local branch manager that the corporate office had advised him that the Credit Union was allowed to pay ATM and one time debit card transactions without the consent of the consumer, even if it resulted in the consumer's account being overdrawn.  The branch manager further explained that since the Act left it to the discretion of the financial institution on whether or not it paid the ATM or one time debit card overdrafts, due to the number of overdrafts that had occurred the corporate office couldn't justify waiving the fees for that many overdrafts for just one customer.

 

What I am hearing from some sources is that the financial institution does not have to prove that a customer had completed and signed an opt-in form, which this Credit Union requires in order to opt-in for their overdraft services.  This Credit Union also retains the signed opt-in form in the customers account records, however they have do not have any record in my file. 

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On 8/29/2017 at 1:23 AM, VeraCaUSA said:

Since the EFT Act requires a financial institution to obtain the affirmative consent of the consumer before they can charge a fee for paying ATM and one time debit card overdrafts, what options tdoes a consumer have get the money refunded when they did not to opt-in for that ATM and one time debit card overdraft service and was charged overdraft fees by the financial institution anyway?.  

 

 

 

 

I thought we had discussed this before. Did the institution charge you overdraft fees for overdraft protection that you did not opt into or did the institution charge you a penalty for overdrawing the account? The two are not the same thing.

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It was for an overdraft service which I did not opt-in for.

 

I had opened my deposit account with the Credit Union prior to July 1, 2010. 

 

In November 2008, the Credit Union automatically enrolled my account in the their Courtesy Pay  service. 

 

As of August 15, 2010, the Credit Union required members who wanted overdraft protection to opt-in using their designated opt-in form which required the customer to sign and return to the Credit Union in order for the institution to pay ATM and one time debit card transactions when the customers did not have sufficient or available funds in their account to cover the transaction.   Courtesy Pay

 

I did not want overdraft protection for ATM and one time debit card transactions so I did not opt-in.  

 

From 2005 until the Nov 2012 I hadn't overdrawn my account at anytime.  

 

The overdraft fees ($240) resulted one time debit card transactions when the Credit Union put a hold on check deposit in a night drop.  

 

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So are you saying that you made one overdraft and you were charged a fee (penalty) of $240 for overdrawing your account at a point of sale because the CU had put a hold on a check?  What is the significance of your statement that you had not overdrawn your account between 2005 and 2012?

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No I am saying that the CU l

19 minutes ago, RetiredinVA said:

So are you saying that you made one overdraft and you were charged a fee (penalty) of $240 for overdrawing your account at a point of sale because the CU had put a hold on a check?  What is the significance of your statement that you had not overdrawn your account between 2005 and 2012?

Really?

 

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4 hours ago, VeraCaUSA said:

In November 2008, the Credit Union automatically enrolled my account in the their Courtesy Pay  service. 

 

As of August 15, 2010, the Credit Union required members who wanted overdraft protection to opt-in using their designated opt-in form which required the customer to sign and return to the Credit Union in order for the institution to pay ATM and one time debit card transactions when the customers did not have sufficient or available funds in their account to cover the transaction.

 

 

But you had been enrolled in November 2008, right? Did you then later tell the CU that you did not want this service? Did the CU require all existing customers to opt-in to the overdraft protection again if they had already in 2010? How long ago was this fee imposed? You said that you had no overdrafts up until 2012. Did you have just this one since then, or did you have multiple overdrafts such that you would have been put on notice that this protection was still there?

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9 hours ago, Tax_Counsel said:

But you had been enrolled in November 2008, right?

 

What difference would that make since the financial institution was required to obtain a signed opt-in form with an effective date on or after August 15, 2010 for consumer accounts opened before July 1, 2010.  

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