Skip to content
BOL Conferences
Thread Options
#358298 - 05/11/05 05:13 PM INTERNET TRANSFERS
Anonymous
Unregistered

Do regulations require that transactions initiated through Internet banking contain identifying information on customer statements, such as that which is required for ATM and ACH originated transactions?

Return to Top
eBanking / Technology
#358299 - 05/12/05 08:19 AM Re: INTERNET TRANSFERS
Anonymous
Unregistered

On customer statements? I'm not sure.

Are you asking because they are there or because they are not?

Return to Top
#358300 - 05/12/05 12:28 PM Re: INTERNET TRANSFERS
Anonymous
Unregistered

I am asking because they are not there. When Internet banking started, it was usually a matter of transfers between savings and checking, with one signer doing most of the banking. With increased usage and movement between multiple accounts, it is difficult to track what accounts are affected by transfers.

Return to Top
#358301 - 05/12/05 09:27 PM Re: INTERNET TRANSFERS
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
What you're looking for is ยง205.9(b) of Reg. E. What's required is the type of transfer and the type of account to or from which the transfer was made.

So, a line on the checking statement that said "TFR to SAV" would suffice for the regulation.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

Return to Top

Moderator:  Andy_Z