We discontinued offering prepaid cards a year ago. Customers can still use any previously purchased prepaid cards until the card expires or is cancelled. Customers can continue to reload their prepaid card but not through the bank. Is there any applicability for us regarding the new Prepaid Card Rule effective April 1, 2019, such as the error resolution provision for example?
Regarding the following question I read today, would it be okay for a bank to charge the overdraft fee if the customer HAD opted in - even though the
account had a positive balance when the transaction was approved? Or, does this fall in line with the UDAP statement from the agencies?
Can we charge an overdraft fee for a one-time debit card transaction that overdraws an account of a customer who has not opted-in if there were
sufficient funds at the time of authorization but not at the time the transaction posts?
No. The rule does not include any exceptions for card transactions that overdraw an account. The rule at its simplest is, "No opt-in, no overdraft
I have heard that business accounts do not fall under Reg E. How does this apply to internet banking and what about a business account that is a sole proprietorship?
If a consumer purchased tires and later claimed they were defective and they filed a Reg E claim, but refused to go back to the merchant, can we deny his claim?
What are your thoughts on debit cards for children under 18, when the account is joint with a parent?
In regards to fraudulent debit card charges, the bank I work at in California requires our customers to try to get the money back (even though it's fraud) before they will file the claim. From working at other banks, it was always my understanding that when it's a fraudulent charge, we file the claim and the customers do not have to try to get any money back. Are we in violation by requiring them to contact the stores/vendors to try to get money back? We haven't come across any situations where the vendor can even bring up the charge since it's not in our customer's name and we don't have any order number or anything.
I am working a business debit card dispute (merchant dispute) and I am unsure on whether I can pursue the chargeback, or if I should deny the claim. The cardholder is disputing hotel charges stating "the resort had continuous power outages, my room wasn't cleaned. I was assured I would only charged for food services..." Will this fit into category "Services Not Rendered" or "Misrepresentation; Condition" or neither because it is a matter of quality and the dispute will need to be handled between the cardholder and the merchant?
If a customer lets someone use their debit card and they've given them the PIN, when they fill out a Reg E claim stating another person was unauthorized to use their card, do we have to honor the claim?
What is the best practice for handling debit cards returned in the mail to the bank?
Why do we have to investigate all Reg E EFT claims?