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#157539 - 02/06/04 02:16 PM Reg E statement requirements
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REG E COMMENTARY TO Paragraph 9(b)(5)--Address and Telephone Number for Inquiries

1. Telephone number. A single telephone number, preceded by the ``direct inquiries to'' language, will satisfy the requirements of Sec. 205.9(b)(5) and (6).

Our e-statement software won't allow us to add anything to the image of our statement. The image consists of what we "print" on our paper statement. (the guts of the statement) Since we print only the guts and not the name, address & phone # of the bank (which is pre-printed on paper stock) the e-statement will not contain a phone # or address of the bank. I feel sure we can provide the error resolution notice in the e-mail that announces that the statement is ready. Can we also provide the required telephone # for preauthorized transfers on the e-mail to satisy 205.9 (b)(6) or does it have to be on the statement itself?

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#157540 - 02/06/04 03:03 PM Re: Reg E statement requirements
John Burnett Online
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John Burnett
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I believe that your "statement" can consist of more than one "document"; therefore, I see no problem including the required info that's pre-printed on your statements, in the e-mail itself. That includes the phone number, e-resolution, etc.

The one thing I'd be concerned about is making sure the statement continues to be understandable even though it's separated into two or more pieces.
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#157541 - 02/06/04 03:51 PM Re: Reg E statement requirements
ahou Offline
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ahou
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John, when there are joint accountholders - does the bank need to have both agree to e-statements or can one agree for both. Reg E (under general disclosure requirements) seems to say that one could agree for both.
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#157542 - 02/06/04 04:18 PM Re: Reg E statement requirements
John Burnett Online
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John Burnett
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My analysis goes like this: Since 205.4(d)(2) allows the bank to deliver Regulation E disclosures (including statements) to one of multiple account holders, it seems reasonable that one of the joint owners can consent to e-delivery of those disclosures.

Of course, it's also true that another of the joint owners could cancel that instruction and demand that statements be made available on paper via mail to her/him.

One can only hope that joint owners will not confound things by acting at cross purposes with one another.
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#157543 - 04/29/05 06:07 PM Re: Reg E statement requirements
Anonymous
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If a customer has EFT activity on their account, and they requested not to recieve their periodic statements. Does this violate Reg E?

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#157544 - 04/29/05 06:17 PM Re: Reg E statement requirements
John Burnett Online
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The customer cannot violate Regulation E by requesting that you not send statements. The bank will violate Regulation E if it fails to make the required periodic statement available.

That means that, if you print hardcopy statements, you must either send it to the customer or follow customer instructions to hold the statement. Please note that there are problems inherent in permitted "hold" statements, unless you have strict controls.

You also have the option, perhaps, of conforming to 205.17 and providing e-statements. These can either be pushed to the customer or delivered in a pull environment (generally preferred).

But you must prepare and make available a statement.
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#157545 - 05/02/05 01:03 PM Re: Reg E statement req-another question
DeeQ Offline
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To piggyback on this, I just reviewed Reg E for statement requirements and couldn't find this.

We have an EFT reversal, and the description only reads: "misc. debit Teller #708". Shouldn't it read "Reversal-company name"? Is there a cite that I can rely on? Thanks.
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#157546 - 05/02/05 03:42 PM Re: Reg E statement req-another question
DeeQ Offline
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anyone?
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#157547 - 05/02/05 07:00 PM Re: Reg E statement req-another question
John Burnett Online
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I question whether your reversal is actually an EFT. It may simply be a transaction posted to recover an EFT posted in error.
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#157548 - 05/02/05 07:17 PM Re: Reg E statement req-another question
DeeQ Offline
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Thanks John, but I figured it out. The item was actually a manually posted rejected ACH item (of course, that's not what I was told).
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#157549 - 05/12/05 04:03 PM Re: Reg E statement req-another question
SHORT STUFF Offline
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SHORT STUFF
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I'm not sure if there is a reg on this, but I do it just as a customer courtesy. Plus it may save on a phone call later as to what that credit (or debit!) actually is. Since they know they didn't do that transaction

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