Consumer Deposits And Related Activities

Laws and Regulations

Key laws and regulations that pertain to FDIC-supervised institutions; note that other laws and regulations also may apply.

• Electronic Fund Transfer Act
  • Part 1005 — Electronic Fund Transfers (Regulation E) (ecfr.gov) establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfers and remittance transfer services and of financial institutions or other persons that offer these services.
• Expedited Funds Availability Act
  • Part 229 — Availability of Funds and Collection of Checks (Regulation CC) (ecfr.gov) addresses the requirements for institutions to make funds deposited into transaction accounts available according to specified time schedules and to disclose their funds availability policies to their customers.
• Truth in Savings Act
  • Part 1030 — Truth in Savings (Regulation DD) (ecfr.gov) supports consumers’ efforts to make informed decisions about their accounts at depository institutions and requires depository institutions to provide disclosures so that consumers can make meaningful comparisons among depository institutions.
• Garnishments
  • 31 CFR 212 — Garnishment of Accounts Containing Federal Benefit Payments (ecfr.gov) requires an institution to follow certain requirements when it receives a garnishment order against an account holder who receives certain Federal benefit payments by direct deposit.
• Prepaid Accounts
  • Final Rule Prepaid Accounts (consumerfinance.gov) provides protections for prepaid accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z).
  • Section 1005.20 of Regulation E (ecfr.gov) provides the regulatory requirements for gift cards and gift certificates.
• Overdrafts
  • Section 1005.17 of Regulation E prohibits an institution from charging consumers fees for paying overdrafts on ATM and one-time debit card transactions, unless a consumer consents.
  • Section 1030.4 and 1030.11 (ecfr.gov) of Truth in Savings requires an institution to provide information about overdraft fees at account opening, on periodic statements, and to include certain disclosures in advertisements for overdraft services.

Supervisory Resources

Frequently asked questions, advisories, statements of policy, and other information issued by the FDIC alone, or on an interagency basis, provided to address consumer protection issues.

• Electronic Fund Transfer Act
  • Section VI. Deposits — EFTA of the FDIC’s Consumer Compliance Examination Manual includes an introduction to the EFTA and outlines regulatory requirements as well as related examination procedures
• Expedited Funds Availability Act
  • Section VI. Deposits — EFA of the FDIC’s Consumer Compliance Examination Manual provides an introduction to the EFA Act and outlines regulatory requirements as well as related examination procedures
  • Risk Management of Remote Deposit Capture provides guidance to assist financial institutions in identifying risks in their remote deposit capture systems and evaluating the adequacy of controls and applicable risk management practices
• Truth in Savings Act
  • Section VI. Deposits — TISA of the FDIC’s Consumer Compliance Examination Manual provides an introduction to the TISA and outlines regulatory requirements as well as related examination procedures
• Garnishments
  • Section VI. Deposits — Garnishment of Accounts Containing Federal Benefit Payments of the FDIC’s Consumer Compliance Examination Manual provides an introduction to the garnishment rule and outlines regulatory requirements as well as related examination procedures
• Prepaid Accounts
  • Section VI. Deposits — EFTA of the FDIC’s Consumer Compliance Examination Manual includes information, including examination procedures, regarding the regulatory requirements for prepaid accounts
  • Section V. Lending — TILA of the FDIC’s Consumer Compliance Examination Manual provides information, including examination procedures, regarding the regulatory requirements for prepaid accounts
• Overdrafts
  • Section VI. Deposits — EFTA of the FDIC’s Consumer Compliance Examination Manual includes guidance, regulatory requirements, as well as related examination procedures for overdraft programs
  • Section V. Lending — Overdraft Payment Programs of the FDIC’s Consumer Compliance Examination Manual provides background information, regulatory requirements, guidance, as well as related examination procedures for overdraft programs
  • Frequently Asked Questions address the FDIC's Overdraft Payment Supervisory Guidance issued in November 2010
  • Final Overdraft Payment Supervisory Guidance provides information regarding overdraft payment programs
  • Interagency Guidance: Deposit-Reconciliation Practices provides guidance regarding deposit-reconciliation practices that may be detrimental to customers
  • FDIC Supervisory Guidance on Multiple Re-Presentment NSF Fees (FIL-40-2022) issued August 2022

Other Resources

Supplemental information related to consumer protection issues.

• Electronic Fund Transfer Act
  • Supervision and Examination Manual provides access to the EFTA section of the CFPB’s Supervision and Examination Manual which outlines regulatory requirements and examination procedures
  • Compliance Guide to Small Entities includes a broad overview, provided by the Board of Governors of the Federal Reserve System, of the EFTA and related sections
• Expedited Funds Availability Act
  • Compliance with Regulation CC: A Guide for Financial Institutions includes a resource, provided by the Federal Reserve System, which highlights making funds available for withdrawal within the times prescribed by the Federal Reserve's regulation, and providing funds availability disclosures and notices to customers. PLEASE NOTE: This resource was last updated in 2013 and contains some outdated information, including with regard to the threshold amounts listed.
• Truth in Savings Act
  • Truth in Savings Act provides access to the CFPB’s TISA procedures which outline regulatory requirements and examination procedures
• Garnishments
  • Consumer Compliance Outlook: New Compliance Requirements Under the Garnishment Rule for Accounts Receiving Certain Federal Benefits provides an introduction, by the Federal Reserve Board, to the rule and examination procedures
• Remittances
  • Remittance Transfers Examination Procedures (consumerfinance.gov) includes background and examination procedures, provided by the CFPB, for institutions that provide remittances in the normal course of business for compliance with protections afforded consumers in the United States who send remittances to individuals and businesses in foreign countries
  • International Fund Transfers Small Entity Compliance Guide (consumerfinance.gov) provides an easy-to-use summary of the remittance transfer rule by the CFPB
  • Summary of the Final Remittance Transfer Rule (consumerfinance.gov) provides a brief overview of the rule by the CFPB
  • Remittance Transfer Rule: Model Forms (consumerfinance.gov) includes model forms, provided by the CFPB
• Prepaid Accounts
  • Prepaid Rule Small Entity Compliance Guide (consumerfinance.gov) provides an easy-to-use summary, by the CFPB, of the Prepaid Rule and highlights information that may be helpful when implementing the rule
  • Prepaid Account Examination Procedures (consumerfinance.gov) provides the examination procedures issued by the CFPB
  • Preparing the Short Form Disclosure for Prepaid Accounts (consumerfinance.gov) provides general instructions regarding the completion of the short form disclosure for prepaid accounts
  • Prepaid Rule’s Key Changes for Payroll Card Accounts (consumerfinance.gov) provides a summary, by the CFPB, of the Prepaid Rule’s key changes to Regulation E and Regulation Z’s requirements for payroll card accounts
  • Model and Sample Pre-Acquisition Disclosure Forms for Prepaid Accounts (consumerfinance.gov) provides the final rule’s model and sample disclosures for prepaid accounts by the CFPB
  • Compliance Guide to Small Entities — Regulation D: Reserve Requirements of Depository Institutions (federalreserve.gov) provides information and guidance on calculating and reporting reserve requirements
• Overdrafts
  • CFPB Circular 2022-06 (consumerfinance.gov) addresses deceptive or deceptive practices related to unanticipated overdraft fees assessment practices.
  • CFPB Compliance Bulletin 2022-06 (consumerfinance.gov) addresses unfair returned deposited item fee assessment practices.