Deposit Agreements that Enhance Reg E

Answered by:

Question:

We had a problem with debit card claims so we modified our deposit agreement. If they don’t cooperate in the claim process, we can deny it. Do you think this solves the problem?

Answer:

No! Reg E implements the Electronic Fund Transfers Act which is a law. The bank cannot change or alter the law or Reg and because these specifically define the limited things a consumer must do, the bank is violating the law and Reg by imposing more than is allowed.

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