Reg E - Ebanking Wire Transfers

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Question:

Are wire transfers that originate from the internet home banking covered by Reg E? Reg E says that wire transfers are not covered, but I'm wondering if that the request originates from home banking changes anything.

Answer:

The fact that the customer's request originates from a home banking system doesn't change the nature of the transaction. If it is a wire transfer as we commonly understand that term ("through Fedwire or through a similar wire transfer system that is used primarily for transfers between financial institutions or between businesses"), it will not be subject to Reg E.

First published on BankersOnline.com 2/12/07