04/16/2007
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?
02/07/2005
Our financial institution currently offers passbook savings accounts. These accounts can be accessed at teller windows for withdrawals, and also may be accessed for preauthorized transfers such as ACH. According to Regulation E, we are required to send periodic statements to accounts that have electronic fund transfers; however, under section 205.9(c)(1)(i), passbook accounts are exceptions to periodic statements if the accounts may be accessed ONLY by preauthorized transfers. Are we required to send monthly statements to our passbook savings accounts?
09/06/2004
I am currently printing verbiage on the face of checks that I write specifically stating that the payee is NOT authorized to initiate an EFT for payment of a check and the check may not be electronically converted. I am also stating on the face of the check, under the check number, that the serial number is not valid for electronic check conversion. After studying 12 CFR 205 (FRB Regulation E) it seems as though this is the my only chance as a consumer to prevent this practice. What is your opinion? Is the front or back of a check the correct place to put any authorization or conditional information?