Credit unions shouldn't have to use the phrase "total overdraft fees," on their statements when describing how much a member has to pay for overdrafts, CUNA and NAFCU told the NCUA.
CUNA Senior Assistant General Counsel Jeffrey Bloch wrote that credit unions should have the option to classify the payments under the category of "Total Overdraft Fees for Paid Items." He explained that allowing this distinction will differentiate between paid overdraft items and items that are returned unpaid.
NAFCU Associate Director of Regulatory Affairs Dillon Shea didn't recommend specific alternative language but urged the agency to allow credit unions to use language that is consistent with "terminology used in account opening and in other marketing and promotional material."
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