Answer:
The Electronic Fund Transfer Act and Federal Reserve Board Reg E do not cover transactions in accounts established for business purposes. Whatever protections a business might have relating to electronic fund transfers in its account would be available because they are provided as a matter of contract, not regulation. Within the confines of a bank's agreement or contract with its business customer, the bank may be permitted to require its depositor to take any complaints about an EFT up with the originator of the transaction.
First published on BankersOnline.com 10/01/07
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