Are these Errors under Reg E for credit

Posted By: Likes to Comply

Are these Errors under Reg E for credit - 03/07/22 08:24 PM

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!
Posted By: rlcarey

Re: Are these Errors under Reg E for credit - 03/07/22 08:58 PM

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.
Posted By: Likes to Comply

Re: Are these Errors under Reg E for credit - 03/07/22 09:14 PM

Thanks, that was what I thought.