06/20/2005
I understand that internet transfers on money market accounts count as being limited under Regulation D. However, what about the Merchant Settlement or card service debit transactions that are also applied against a money market account? Are these also considered and counted towards the limit?
06/13/2005
06/06/2005
Do internet transfers from a Money Market account count as in-house transfers as far as transfer limitations are concerned? We are currently making a large depositor physically make these transfers to meet regs.
05/16/2005
I have a question in regard to Reg E. We have a customer that comes into the bank and tells us that there is a debit coming out of their account, and they aren't aware of what it is. There is no number that shows who to call, I mean its just there. The customer tells us that she/he has their visa card and checks in hand and that nothing has been lost or stolen. The bank at this point would file an unauthorized transaction report, is that correct? Would we also need to have are customer file a Police Report?
05/01/2005
These days, a good place to gaze into the crystal ball and foretell the future of the payment process is a consumer electronics show.
04/18/2005
My mother has a credit union savings account into which her monthly social security payment is directly deposited. But she only receives a quarterly statement on the account. Aren't credit unions subject to the same statement requirements under Regulation E that my bank has to follow?
02/21/2005
Are agreements to transfer interest paid on a certificate of deposit via the ACH to a customer's account at another financial institution covered under Reg E? If so, would the certificate then be subject to the periodic statement requirement?
02/21/2005
Are there different ACH and/or VISA rules for error resolution, or do the timelines and requirements of Reg E apply?
02/07/2005
I have a customer that supplied all of her debit card information to a email representing themselves as Paypal. As a result, $8000 was removed from the account in a thirty day period at European ATM machines with a counterfeit card. This customer did not open her statement for the previous month where she could have seen the removal of the first $2000. If she had done this we could have saved the remaining $6000 from being withdrawn. I have read previous answers to similar questions, but can't decide if I can invoke OSC 205.2 on this scenario, or if we will need to charge off this amount even though the customer provided everything the fraudster needed and did not use the statement to catch the first withdrawals. Can you provide a clear interpretation of can I or can I not deny this claim?
02/07/2005
What are the best practices when offering internet banking to CORPORATE accounts? And further, if individuals on these corporate accounts also hold consumer accounts with us, can we allow them to transfer between the corporation and their personal accounts via internet banking?