We have debit card dispute. The customer gave her card to her granddaughter to bail her boyfriend out of jail. She promised her she would have the money back to grandma's account. She used the card for the ATM withdrawal and made other transactions. The total amount is $504.99. The granddaughter did NOT put the money back in her account. So two months later grandma filed a police report. Also, she filed a debit card dispute form. My question is do we have to refund this money to the customer?
We have several accounts that are set up to receive their Checking Account Statement (Paper) Annually. Are we out of compliance by not sending them a statement monthly when our disclosures state that they have 30 days from the date the statement was made available to us to notify us of any errors?
With regard to the opt-in notice for Reg E debit cards NSF charges, does the correspondence need to go to all existing consumer accounts or only to the accounts with debit cards?
Does a commercial customer have the same rights as a non-commercial consumer regarding ACH disputes for an item he/she wishes to be returned?
Can a check for deposit be payable to the financial institution?
When a customer writes a check to a third party and the third party electronically converts the check and it comes through as an ACH ARC transaction, shouldn't the bank treat these as checks and not ACH, if the system can distinguish these? Also, if the customer uses online bill payment and requests that a check be issued to a third party, should these be counted under the "6" or "3" rule? The request was made online, but a check is issued.
In order for an account to be classified as "Free", does there need to be an option to receive a paper statement for free?
What recourse does a business have when disputing an unauthorized ACH after the 24 hour rule? The customer claims to have no knowledge of this ACH.
Our lending operations department (not credit card) would like to initiate an EFT through our third party vendor to debit our customer's deposit account to exercise our right to offset for amounts owed on our customer's loan. Our deposit account terms and conditions discloses our right to offset any amounts owed to the bank. We know that generally Reg E, Section 205.3 (c)(5) would allow the bank to electronically transfer funds between a customer's accounts without the customer's specific request under certain circumstances and that the official commentary provides that this exception to Reg E includes the right to initiate "electronic debits or credits to consumer accounts for check charges, stop-payment charges, NSF charges, overdraft charges, provisional credits, error adjustments and similar items that are initiated automatically on the occurrence of certain events." In order to exercise our right to offset electronically, the transaction will need to be processed through our third party vendor. Do we have any Reg E or other regulatory concerns in doing so?
Our Marketing Department recently surveyed our customers and learned that many of them want to be able to get their available balance at an ATM. When Marketing suggested to our EFT Department that we make the change to provide that information, they ran into a brick wall. The folks in EFT say it isn't allowed. Are they telling it like it is, or just reluctant to change?