Debit Card Overdraft Enrollment

Effective July 2010, financial institutions cannot charge an overdraft fee for one-time debit card transactions and ATM withdrawals unless the cardholder has consented, or enrolled in the institution’s overdraft services. 

Under Regulation E of the Electronic Fund Transfer Act, cardholders must receive a written explanation of an institution’s overdraft services, associated fees, and the choices available to them. A cardholder’s decision to accept or decline an institution’s overdraft service must be confirmed in writing.

The SoundBite Debit Card Overdraft Enrollment Solution proactively reaches cardholders through any combination of automated voice, text, and email messaging. Enrollment messages comply with Federal requirements, and the solution can send email confirmations and right-to-revoke notifications to the cardholder.

• Ensure the continuity of debit card overdraft services and accelerate time to revenue
• Communicate important changes in account terms to cardholders
• Quickly contact cardholders, solicit their consent, and integrate that information into your systems of record
• Provide cardholders with enrollment confirmation and information on his/her right to revoke. 
• Increase reach and response rates by escalating communications from one channel to another
• Manage and track opt-in, opt-out, and future communication preferences

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