Georgia Regulator’s Order Brings Parity in CU Overdraft Fees

August 8, 2013
Credit Union Times  
overdraft news

Georgia's financial regulator, Commissioner Kevin B. Hagler, has issued a declaratory order to bring parity in overdraft fee limitations for all of the state's credit unions. The order exempts state-chartered credit unions from fee limits on overdrafts from deposit accounts, aligning them with the guidelines governing federally chartered credit unions. The order, prompted by requests from the Georgia Credit Union Association, comes after a similar declaratory order was issued on behalf of several state banks. Both orders exempt their respective financial institutions from violating Georgia’s usury limits. The latest order applies to credit unions whose members overdraw share savings or share draft accounts using an ATM card, check, or debit card. The order protects state-chartered credit unions from violating usury limitations that do not apply to federally chartered institutions.
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