Debit card overdraft opt-in solution offered by SoundBite.

• Position: Brief article

This overdraft opt-in solution enables financial institutions to achieve rapid compliance with the new rule announced in November 2009 by the Federal Reserve Board prohibiting financial institutions from charging any consumer a fee for debit card overdraft services unless the consumer has consented, or opted in, to the overdraft services.

With overdraft services, an institution charges a fee for processing transactions when a customer's account is overdrawn rather than denying the transaction. The new rule becomes effective on July "1, 2010.

SoundBite's Debit Card Overdraft Opt-In solution can proactively reach consumers through any combination of automated voice, text and e-mail...