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#2013926 - 05/13/15 07:58 PM Reg E apply to credit cards?
river girl Offline
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Joined: Nov 2004
Posts: 1,005
If the customer can use their credit card at an ATM or as a POS or telephone bill payment, does the use fall under the Electronic Fund Transfers?

I say no. The term EFT generally refers to a transaction initiated through an electronic terminal, telephone, computer, or magnetic tape that instructs a FI either to credit or to debit a consumer's asset account.

Credit cards are not an asset account. “Account” means a demand deposit (checking), savings, or other consumer asset account (other than an occasional or incidental credit balance in a credit plan) held directly or indirectly by a financial institution and established primarily for personal, family, or household purposes.

But the section that talks about unsolicited issuance of cards lists credit cards.

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#2013958 - 05/13/15 08:53 PM Re: Reg E apply to credit cards? river girl
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,965
TN
You're correct - Regulation E does not apply to credit cards. Credit card rules are under Regulation Z.
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