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Reg E & Business Check Cards
by Andy Zavoina, BOL Guru
Guru Bios
Question: Am I correct in saying that Reg E does not apply to business check cards?
Answer: Yes. Reg. E applies to deposit accounts used for personal, family and household purposes. Refer to 12 CFR 205.3.
You should have some agreement in place to define the terms between you and the business that would replace Reg. E. Hopefully you'll draft these in a more favorable perspective for you than Reg. E provides as it most definitely in favor of the consumer.
First published on BankersOnline.com 11/07/05
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