Consumer Banking and Payments Law: 2.7.4 Regulation E Overdraft Fee Rules
In 2010, Regulation E, which implements the Electronic Fund Transfer Act, was amended to impose opt-in consent and disclosure requirements applicable to overdraft fees charged on non-recurring debit card and ATM transactions. Regulation E does not require banks to obtain consent from the customer before extending fee-based overdraft loans to cover check payments, ACH transactions, or recurring debit card transactions.