Q: What are the additional disclosure requirements related to promotion of the payment of overdrafts?
A: Credit unions that promote the payment of overdrafts in an advertisement shall include in the advertisement the disclosures required by §707.11(b) of this part.
Excerpt from 707.11(b):
(b) Advertising disclosures for overdraft services—
(1) Disclosures. Except as provided in paragraphs (b)(2), (b)(3), and (b)(4) of this section, any advertisement promoting the payment of overdrafts must disclose in a clear and conspicuous manner:
(i) The fee or fees for the payment of each overdraft;
(ii) The categories of transactions for which a fee for paying an overdraft may be imposed;
(iii) The time period by which the member must repay or cover any overdraft; and
(iv) The circumstances under which the credit union will not pay an overdraft.