08/18/2024
Regarding a cancellation request of a consumer foreign remittance transfer - are there any document retention requirements related to the canceled wire transfer request? Is the FI required to retain a copy of the wire transfer request form or any other documentation related to the transaction since it never occurred if canceled within the 30-minute window?
Our bank has a log to record all canceled international wire transfer requests, but that is the only documentation.
08/11/2024
Can a merchant force a debit card transaction by claiming that the transaction is a recurring transaction event though it's not? For example, the customer opted out of overdraft service for ATM and one-time POS debit card transactions, but a merchant forced the transaction by claiming it's recurring.
07/25/2021
During a review of the account, we noticed several transactions to Cash App, to the same people from last December and one in January. These were NOT disputed. Should we inquire about these transactions? If so, could we start our calculation from the statement date (plus 60 days) from the statement with the first unauthorized transaction? Does it make a difference that the December, the May and June transactions were on different cards? (The customer has had multiple cards.)
02/26/2017
Regulation E’s “Procedures for Resolving Errors,” along with that section’s Commentary, neither addresses nor prohibits banks from requiring helpful documentation such as police reports or signed and notarized affidavits. Are such actions are OK?
10/10/2008
10/01/2004
Regulation E is one of the older consumer protection regulations on the books. It dates back to the 70's. Except for a few issues, it has not seen significant change for decades.
02/03/2003
Our bank established a web site and made Internet banking and Internet bill payment available to our customers. The web site initially did not offer the Internet banking and Internet bill payment, so no changes to our EFTA disclosures were necessary. The problem is that when these Internet services were added and made available for customers, I was not notifiedas the Compliance Officerfor my bank. Therefore, the EFTA disclosures do not have the Internet transfers and bill payment EFTs listed in our disclosures (nor the limitations for these transfers). What can we do about this problem? I thought that maybe we could mail updated disclosures to all the Internet customers (after we amend our current disclosures). Will this be enough to satisfy our regulator in that we made a good faith effort to correct the problem as soon as it was discovered.
07/29/2002
09/01/2001
There's this provision in Regulation E (and in the Electronic Fund Transfer Act) that requires the issuer of electronic devices to investigate errors alleged by consumers.
02/01/1997
The Electronic Funds Transfer Act ("EFTA") and Regulation E apply to any consumer electronic fund transfer initiated through ATMs, POS terminals, telephone bill payment systems, automated clearing