Skip to content

Reg E Discl. Given to Business Acct.

Answered by: 

Question: 
Can you go over the Reg E disclosure given to businesses? What is their liability?
Answer: 

The bank should either NOT give Reg E disclosures to a business or if given in bulk with other disclosures should clearly define it is not applicable to all accounts and does not apply to accounts used for business purposes. Doing so can imply there are protections which Reg E does not offer, potentially making the bank liable for Reg E-like protections and exposing the bank to UDAAP/UDAP violations. Reg E provides no liability guidance for a business account. That would call for a separate agreement such as under Visa or Mastercard rules for business accounts.

First published on 11/14/2021

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics