Posted By: Jan94
Reg E Preauthorized Transfer Varying Amount - 03/25/19 05:08 PM
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.
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.