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Reg E - Interested Included in Customer Liability?

Answered by: 
John Burnett

Question: 
I know that according to Reg E 205.6 (b) if a customer notifies the financial institution within 2 business days, the consumer's liability shall not exceed $50 for unauthorized transfers. My question is that if interest has to be paid back to the customer can this offset and included as part of the $50 customer liability?
Answer: 

The $50 cap applies to the customer's liability for unauthorized EFTs. Determine the amount of the unauthorized EFTs for which the customer is liable, then determine whether any adjustment is required for fees and interest. You should not combine or net your adjustments of fees and charges with or against the adjustment for unauthorized EFTs.

First published on BankersOnline.com 5/19/08

First published on 05/19/2008

Filed under: 
Technology
Filed under technology as: 
Fees
Transfers

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