Reg E Claims - Not So Fast

by Andy Zavoina
BIO AND CONTACT INFO

One banking myth causes some banks to adopt the following position:

If the customer wants to file a Reg. E unauthorized withdrawal claim, they first have to go to the police department and file a report. They bring that back, and we'll start.

This is not a permissible route to take. You cannot require a customer to file a police report as a condition of investigating the claim of unauthorized withdrawal.

First published on BankersOnline.com 11/26/01