We have a church account that has multiple debit card users. Do all of these cardholders need to be signers on the account?
The conventional wisdom is to send annual Reg E error notices to CDs with interest transfers. However, I note that the definition of account in Reg E would seem to preclude CDs:
(1) “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.
1. Consumer asset account. The term “consumer asset account” includes:
i. Club accounts, such as vacation clubs. In many cases, however, these accounts are exempt from the regulation under § 1005.3(c)(5) because all electronic transfers to or from the account have been preauthorized by the consumer and involve another account of the consumer at the same institution.
ii. A retail repurchase agreement (repo), which is a loan made to a financial institution by a consumer that is collateralized by government or government-insured securities.
2. Examples of accounts not covered by Regulation E (12 CFR part 1005)
i. Profit-sharing and pension accounts established under a trust agreement, which are exempt under § 1005.2(b)(2).
ii. Escrow accounts, such as those established to ensure payment of items such as real estate taxes, insurance premiums, or completion of repairs or improvements.
iii. Accounts for accumulating funds to purchase U.S. savings bonds.
Additionally, most CD interest transfers are by check, and Reg E would also seem to exclude a check from an EFT:
(c) Exclusions from coverage. The term “electronic fund transfer” does not include:
(1) Checks. Any transfer of funds originated by check, draft, or similar paper instrument; or any payment made by check, draft, or similar paper instrument at an electronic terminal.
So the question is - do we have to send Reg E annual error notices to CDs, and if so, why?
I am reviewing a debit card dispute and it is one that we denied because after investigating, we found out the customer had signed up for this
service, but I am still a little concerned with the way the provisional credit was handled. The bank received the dispute (in writing) on 11/9/18.
The final letter was mailed on 11/21/18; however, no provisional credit was ever given. I was under the impression that if we received the dispute in
writing, we need to give provisional credit within 10 days. Are we in compliance?
What is the most common problem with using paper forms to process a Reg E Claim?
We were recently told that the way we process Reg E claims (and have been since before I was here and never had an audit issue besides wording of a letter) is backwards.
Here are the few scenarios that will tell me which is right. It's September 2019:
1. If a customer comes in and says they haven’t balanced their statement for 5 years and just realized that $14.99 has been being debited from their account by Amazon since March 2016. Can you tell me what amounts or for what time periods they are owed and for which months/years?
2. If the same scenario happened but the first charge was on April 10th of
this year? Can you tell me what they are owed and for which months?
3. Last, if the customer comes in and says that he is balancing his
statements for the past two years and found several different charges that are fraud:
a. A cable bill that debited for two months after he revoked authorization in 2018.
b. Amazon Prime debited monthly for 12 months from June 2018 to May 2019 and he never agreed to it.
c. GEICO debited his account $113.00 when he hadn’t authorized it to debit his account for that payment in August 2019.
We have a member who is filing debit card fraud and claims that his card was not received in the mail. The card was activated and the caller used the
correct last four of his social security number to activate it. Is this enough to deny the disputes?
Is it a requirement that all archived loan statements have the "backer" information on it meaning the Reg E language, bank logo, copy of paid
We occasionally have customers that have passed away and have no beneficiaries on the account. Do we have to continue to print their account
statements monthly or can we change it to print annually?
Are financial institutions required to give written notifications to customers when the bank gives credit for unauthorized ACHs?
A customer called to report two person-to-person (P2P) transactions as unauthorized. The transactions were done using a mobile phone and our bank app. The customer stated that she recently purchased a new phone and traded in her old phone. She also stated that she did not clear her old phone of personal information before trading it in. Our Digital Services User Agreement states that we (the bank) will not be held liable if the customer provides their password or other access info to any other person. Therefore, the customer's case was denied. Would we be in violation of Reg. E for denying this case?
These were the only P2P transactions ever on this customers account, and the mobile login history shows a login on the date of the charges with one phone, then a login with a different phone a few days later.