05/07/2007
Is it a requirement to provide an agreement to customers for an ATM/debit card? (Such as something that states terms and conditions other than an EFT disclosure.)
04/30/2007
Is there a requirement to display the full account number on an e-statement or can the account number be truncated?
04/16/2007
For an account which electronic fund transfers can be made, may the bank send a notice each time with the date, amount, source and account number and not the other information that would be on the monthly statement as opening and closing balance in place of a periodic statement for each monthly cycle in which an electronic fund transfer has occurred? In particular, on a savings account that is normally sent a quarterly statement when no EFT activity has occurred, will the notice mentioned above suffice for a direct deposit to the account in place of the monthly statement?
03/12/2007
We have been told that some banks are reducing the number of days that a customer can report an error concerning an EFT from 60 days to 30 days. Is this permissible, or is it a violation of Reg E?
03/05/2007
A business who is a customer of the bank has entered into an agreement with the bank to collect bad checks. The bank initiates an EFT to collect the check and reimburse the business. At the same time the check is collected the bank initiates a fee to the consumer's account for the bad check and the bank keeps the fee. From what I understand, the bank is sending the fee on its own behalf. Wouldn't the bank be responsible for giving a notice under the new Reg E effective Jan 1, 2007 to the customer in this instance?
02/12/2007
I am the Electronic Banking Specialist for [Bank Name Withheld]. We are having a debate among ourselves and our Legal Department regarding whether or not check imaging is covered by Reg E. One opinion has to do with whether the check image is truncated or not; another has to do with the intent for imaging, whether as a tool for the merchant to recover funds on a returned item, or as a bank tool to pacify clients who want their checks back. I would appreciate any input that you might offer as you have a more industry-wide view available, as well as experience in compliance and Reg E issues.
02/05/2007
What are the major changes that financial institutions need to make in order to be Reg E compliant as of January 1st?
01/29/2007
Our customer is disputing transactions which were all conducted in another state. The customer claims he has never been in that area when transfers took place. He also states he has his card in his possession and believes someone may have gotten hold of his card number. How can this be a valid dispute? Could it be a duplicate card was created?
01/29/2007
What are the major changes that financial institutions need to make in order to be Reg E compliant as of January 1st?
12/11/2006
Are Internet Banking and VRU transactions considered EFTs requiring a periodic statement to be sent to a customer each month in which one occurs?