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#2209403 - 03/25/19 05:08 PM Reg E Preauthorized Transfer Varying Amount
Jan94 Offline
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Joined: Mar 2001
Posts: 828
USA
Is there anything that defines a "written notice" for this requirement? If a statement is provided 10 days prior to a preauthorized loan payment being due, would this suffice for the written notice or does it have to be a separate mailed notice? The related commentary doesn't appear to speak to this specifically. Thank you.

1005.10(d) Notice of transfers varying in amount. (1) Notice. When a preauthorized electronic fund transfer from the consumer's account will vary in amount from the previous transfer under the same authorization or from the preauthorized amount, the designated payee or the financial institution shall send the consumer written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer.

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#2209404 - 03/25/19 05:27 PM Re: Reg E Preauthorized Transfer Varying Amount Jan94
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,629
Cape Cod
Assuming that the statement includes the amount to be debited and it's provided at least 10 days before the scheduled transfer date, the statement is the notice required by 1005.10(d).
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#2209422 - 03/25/19 06:50 PM Re: Reg E Preauthorized Transfer Varying Amount Jan94
Jan94 Offline
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Joined: Mar 2001
Posts: 828
USA
Yes, the statement includes the amount to be debited, the due date and the statement date is at least 10 days before. Thank you for your help!

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