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Reg E & PC Account Transfers

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Question: 
When a customer transfers money between two accounts at our bank via their home computer using our bank's internet web site, are these transactions covered under Reg E?
Answer: 

Yes. These are not originating as a paper based transaction (a general rule of thumb on applicability) and are akin to telephonic transfers through a bill/computer payment system. (205.3)

First published on BankersOnline.com 7/15/02

First published on 07/15/2002

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