Regulation E: Electronic Transaction Overdraft Services Opt-In

Regulation E: Electronic Transaction Overdraft Services Opt-In is an elearning course that outlines what this service entails for consumers and their banking transactions. Prior to July 2010, if a consumer did not have enough funds to cover an electronic transaction, the bank or credit union would allow the transaction, cover it, and consequently charge a fee, without asking the consumer’s consent. Consumers didn’t like that and expected the transactions to simply be denied if their account had insufficient funds. As a result, Regulation E was amended to state that consumers must opt-in for this coverage. In this course, we’ll define what this protection means to consumers and their financial institutions.

Part of our series on Regulations, this course defines what overdraft services are and what they mean to consumers. It includes a video with audio narration and downloadable materials. A quick quiz is provided to test retention of key takeaways.