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#2031348 - 08/03/15 04:56 PM Regulation E
rescue me Offline
100 Club
rescue me
Joined: Feb 2007
Posts: 102
I have a question and am wondering if someone could help me. During my audit of Reg. E, a customer disputed a transaction because he/she did not receive the merchandise. The customer noticed on the 16th and reported it on the 23rd (February for both dates). We could dispute it, but we did not have to give a provisional credit did we? And the customer could have been liable correct?

Thank you for any help on this.

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#2031410 - 08/03/15 08:01 PM Re: Regulation E rescue me
deed305 Offline
Junior Member
Joined: Sep 2005
Posts: 47
California
I see this as an error. Therefore, covered by Reg E- provide provisional credit in 10 business days if you have not been able to resolve it by the end of the 10 business time period.

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#2032899 - 08/11/15 04:01 PM Re: Regulation E rescue me
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,748
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This is not a Reg E error. There are 7 types of error under Reg E:

§ 1005.11 Procedures for resolving errors.

(a) Definition of error. (1) Types of transfers or inquiries covered. The term “error” means:

(i) An unauthorized electronic fund transfer;

(ii) An incorrect electronic fund transfer to or from the consumer's account;

(iii) The omission of an electronic fund transfer from a periodic statement;

(iv) A computational or bookkeeping error made by the financial institution relating to an electronic fund transfer;

(v) The consumer's receipt of an incorrect amount of money from an electronic terminal;

(vi) An electronic fund transfer not identified in accordance with § 1005.9 or § 1005.10(a); or

(vii) The consumer's request for documentation required by § 1005.9 or § 1005.10(a) or for additional information or clarification concerning an electronic fund transfer, including a request the consumer makes to determine whether an error exists under paragraphs (a)(1)(i) through (vi) of this section.

Satisfaction with the product or service does matter in the Reg Z credit card world, but not in Reg E. That doesn't mean you can't assist or that Visa or MC rules wouldn't apply, but E does not.
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AndyZ CRCM
My opinions are not necessarily my employers.
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