Transcription of Joint Guidance on Overdraft Protection Programs
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Joint Guidance on Overdraft Protection Programs
Attachment Office of the Comptroller of the Currency Board of Governors of the Federal Reserve System Federal Deposit Insurance Corporation National Credit Union Administration Joint Guidance on Overdraft Protection Programs February 18,2005 The Office of the Comptroller of the Currency (OCC), Board of Governors of the Federal Reserve System (Board), Federal Deposit Insurance Corporation (FDIC), and National Credit Union Administration (NCUA), collectively the Agencies, are issuing this Joint Guidance concerning a service offered by insured depository institutions that is commonly referred to as bounced-check Protection or Overdraft Protection . This credit service is sometimes offered on both consumer and small business transaction accounts as an alternative to traditional ways of covering overdrafts. This Joint Guidance is intended to assist insured depository institutions in the responsible disclosure and administration of Overdraft Protection services, particularly those that are marketed to consumers.
With respect to the reporting of income and loss recognition on overdraft protection programs, institutions should follow generally accepted accounting principles (GAAP) and the instructions tor the Reports of Condition and Income (Call Report), and NCUA 5300 Call Report. Overdraft balances should be reported on regulatory reports as loans.
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