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Article: In Brief: Fed Adopts Rule on Returned-Check Fee.(Federal Reserve Board)(Brief article)
- Article from:
- American Banker
- Article date:
- November 29, 2006
- Author:
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The Federal Reserve Board approved a final rule Monday for procedures a bank must follow before letting a vendor collect a fee for a returned check.
The rule, first proposed in January, clarified that Regulation E simply requires authorization of the person seeking to collect the fee, not the account holder's assent.
Separately, the Fed also requested public comment on a proposal to exempt transactions for less than $15 from Regulation E's requirement that receipts be ...