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Federally-chartered banks have increasingly been offering, usually for a fee, “expedited payment service” to their customers. Customers may request this service on a voluntary basis as an alternative to mailing a payment that might be received as a late payment by a lender. Customers may choose this service to avoid being assessed a late charge or simply as a matter of convenience. The expedited payment is typically processed through an automated clearing house transaction (“ACH”).
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Therefore, in the interests of ensuring parity between state-chartered depository institutions and federally-chartered depository institutions I approve the charging of these fees by state-chartered depository institutions pursuant to Wis. Stats. s. 422.202(2s)(a)5 and s. 426.104(4)(b). This approval is limited to depository institutions.
DFI: Wisconsin Consumer Act – Expedited Payment Processing Fees (9/06/2007) Interpretive Opinions Issued by DFI
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