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Deposit Agreements that Enhance Reg E

Answered by: 

Question: 
We had a problem with debit card claims so we modified our deposit agreement. If they don’t cooperate in the claim process, we can deny it. Problem solved!
Answer: 

No! Reg E evolved from the Electronic Fund Transfers Act which is a law. The bank cannot change or alter the law or Reg and because these specifically define what a consumer must do, the bank is violating the law and Reg by imposing more than is allowed.

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First published on 02/21/2021

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