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#2267253 - 03/07/22 08:24 PM Are these Errors under Reg E for credit
Likes to Comply Offline
Diamond Poster
Joined: Nov 2008
Posts: 1,055
In the mountains
Using our Bank's P2P module in Online Banking, if the consumer authorizes a transfer for $100 instead of $10, is this an error under Reg E? Or is this simply an authorized transfer where the consumer made a mistake and we have no further obligations.

Using our Bank's P2P module in Online Banking, if the consumer authorizes a transfer but the person says they never received it, is this an error under Reg E?

Thanks in advance!
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Operations Compliance
#2267258 - 03/07/22 08:58 PM Re: Are these Errors under Reg E for credit Likes to Comply
rlcarey Offline
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rlcarey
Joined: Jul 2001
Posts: 79,339
Galveston, TX
They authorized a $10 transfer - how is them making a mistake your problem?

If the other person never got it, that is a problem for the other person to resolve with their bank or your customer as long as you transmitted the payment as it was ordered.
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#2267260 - 03/07/22 09:14 PM Re: Are these Errors under Reg E for credit Likes to Comply
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Diamond Poster
Joined: Nov 2008
Posts: 1,055
In the mountains
Thanks, that was what I thought.
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