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Police Reports Not Required

Question: 
If a customer informs our bank of unauthorized EFT transactions, can we require the customer to bring in a police report prior to refunding the amount of the unauthorized transactions?
Answer: 

No. Regulation E does not allow a financial institution to condition the application of a refund on the receipt of a police report.

The customer's responsibility under Regulation E is to provide their name, account number, the transaction(s) they are disputing, and why they believe an error exists. Conditioning an investigation or refund on any other factors is a violation of Regulation E.

First published on 10/29/2012

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