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Reg E: Customer's $50 Liability
by John Burnett, BOL Guru
Guru BIOS
Question: If a customer submits a Reg E claim which consists of two or more transactions, does their $50 liability apply to each separate transaction or the total amount of the two or more transactions?
Answer: The regulation begins the definition of the consumer's liability with these words: "A consumer's liability for an unauthorized electronic fund transfer or a series of related unauthorized transfers ...."
If two or more unauthorized transactions are related (same access device used by the same malefactor), the limits apply to the aggregate of the related transfers.
First published on BankersOnline.com 10/03/05
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