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Reg E and Internet Banking

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Are internet banking and billpayer activities subject to Regulation E? I would assume so, but they do not appear to be specifically cited.

Here's the definition of "Electronic Fund Transfer" in 205.3(b): The term electronic fund transfer means any transfer of funds that is initiated through an electronic terminal, telephone, COMPUTER, or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account. (emphasis added)Based on that definition, definitely internet banking transfers and billpayer activities, if conducted to or from a consumer's account, are covered under Reg E, although there is one out for a specific type of bill-payer service described in the Official Staff Commentary to section 205-3. Review Comment 3(b)(1) for details.

First published on 2/21/11

First published on 02/21/2011

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