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What is the requirement for getting affirmative consent when the customer chooses to opt-in for Reg E, when the customer does want the bank to pay everyday ATM and Debit card transactions for the AOD program? Is the Reg E requirement that we must get the customer’s signature on the Overdraft Services Consent form, the opt-in/out form? Or would it also comply, when the customer calls, to document that the customer stated they wanted to opt-in by phone on the form, and not get the customer’s signature?
Commentary 1005.17(b)-4 states:
What is meant by a ‘reasonable opportunity’ to affirmatively consent or opt in?
Comment 205.17(b)-4 External Site of the Official Staff Commentary addresses the question of reasonable opportunity to provide affirmative consent. It states that a financial institution provides a consumer with a reasonable opportunity to provide affirmative consent when, among other things, it provides reasonable methods by which the consumer may affirmatively consent, including:
By mail. The institution provides a form that the consumer can fill out and mail to affirmatively consent to the service.
By telephone. The institution provides a readily available telephone line that consumers may call to provide affirmative consent.
By electronic means. The institution provides an electronic means for the consumer to affirmatively consent. For example, the institution could provide a form that can be accessed and processed on its website, where the consumer may click on a check box to indicate consent and confirm that choice by clicking on a button that affirms the consumer’s consent.
In person. The institution provides a form that the consumer can complete and present at a branch or office to affirmatively consent to the service.
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