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September 8
Checkup for your RDC Program;
Susan Orr

September 10
Critical Issues on Certificates of Deposit;
Deborah Crawford

September 16
S.A.F.E. Act - Auditing for Compliance;
Patricia Cashman

September 22
FinCEN's Beneficial Owners Proposal: What It Can Mean for You;
Sonja Kriegsmann and John Burnett

September 23
Bankruptcy 101;
Sam Ott

September 24
Using CPTED to Make Our Banks Safer;
Dana Turner and Carol Dodgen



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#1668685 - 02/23/12 08:51 AM Reg. E-Error Resolution
Cale_N_Oats Offline
Platinum Poster

Registered: 08/14/08
Posts: 738
Loc: Southern Illinois
We were alerted by a service provider of some unusual debit card activity on a customers account. We sent a letter to the customer asking if these charges were legitimate. They replied back that they were not and we began the error resolution process. The commentary on Reg. E says that the consumer liability rules do not apply when the bank identifies the error and corrects it on its own. My question is when does the bank cross the line from correcting it on it's own to correcting the error when notified by the customer?

I would say that since we contacted the customer and they verified that the transactions were invalid then Reg. E would apply.
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eBanking / Technology
#1668843 - 02/23/12 10:50 AM Re: Reg. E-Error Resolution [Re: Cale_N_Oats]
Matt_B Offline
Diamond Poster

Registered: 09/06/11
Posts: 1313
Loc: A CU, Where Regs Don't Apply
"do not apply when the bank identifies the error and corrects it on its own"

Just based on that statement, I would say it does still apply. It wasn't corrected on its own, the customer had to request it be corrected, though the conversation was initiated by you.

I think the identified and corrected on its own would be more in the case of a vendor double-posting and things such as that.
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#1668921 - 02/23/12 11:56 AM Re: Reg. E-Error Resolution [Re: Cale_N_Oats]
Cale_N_Oats Offline
Platinum Poster

Registered: 08/14/08
Posts: 738
Loc: Southern Illinois
That's what I figured too Matt. Thanks
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