07/26/2010
My question is related to PART 205—ELECTRONIC FUND TRANSFERS (REGULATION E) Section 205.17 Requirements for overdraft services. <i>(iv) Provides the consumer with confirmation of the consumer's consent in writing, or if the consumer agrees, electronically, which includes a statement informing the consumer of the right to revoke such consent.</i> For new accounts, will this requirement for confirmation be satisfied if the new account disclosures contain the appropriate language, or are we required to mail a separate confirmation to the customer who opts in after the fact?
07/05/2010
I am wondering if there are any specific regulations or guidelines pertaining to mobile banking. We are going to add a function onto our internet banking website that allows customers to choose an option to access their account(s) from their mobile devices. I would just like to know if we need to consider other compliance issues separate from internet banking.
06/14/2010
We would like to send a $5.00 check with the disclosures for the new opt-in requirements under Reg E. Instead of sending back a signed form, we would instruct the customer that by cashing the check, he would be opting-in to the overdraft services. Is this a violation of the regulation?
04/26/2010
When do most banks give final credit for Reg. E disputes? As I understand, merchants have forty-five calendar days from the date that the processor gives the bank provisional credit to file a representment, but our bank only has forty-five days from the receipt of a notice of error to investigate and determine whether an error occurred. I know there are instances where the bank can take up to ninety days for an investigation, but for those times when the bank only has forty-five days, the forty-five day period could end for the bank, and then the merchant could represent after that. In this case, would it just be a loss for the bank?
04/26/2010
Can someone tell me if there is a requirement to deliver the error resolution jointly with the statement? We are in the process of rolling out e-statements, but due to system limitations, our customers will only be able to view their statement information pulled from our system, and not the error resolution (currently preprinted on the back of the paper statement). We plan to have an error resolution link "in case of errors, please click here" on the page that leads them to their statement. Are we OK on this?
03/22/2010
Under the new Reg E rules, banks must disclose the amount of the overdraft fee before a client opts-in. From time to time, banks raise their overdraft fees. When we raise fees, will we be required to provide new disclosures, and will we be required to obtain new opt-in declarations?
03/22/2010
We recently acquired two banks from the FDIC. One of them has e-statements, as do we. Do they have to agree to our e-statement terms or does the agreement with their current bank still apply?
03/15/2010
Please explain "simple customer agreement" regarding electronic consent for the ATM/1-time debit transaction opt-in?
03/08/2010
Do we have to meet E-sign requirements in order to use email to obtain the Opt-In for overdraft of ATM/Debit transactions? We have some customer emails, but have not met the E-sign requirements to deliver account disclosures.
03/01/2010
We've heard conflicting reports from the many webinars we've attended regarding Reg E. If we send out opt-in forms on May 1, do we have to begin waiving fees at that time, or can we give our customers the 8/15/10 effective date and begin waiving then?