Skip to content

Reg E POS

Question: 
As it relates to Reg E claims, I need clarification:<ol><li>is an internet purchase considered a POS<li>is a telephone purchase considered a POS</ol>I'm trying to utilize the POS 90 day extension time period. The reg is not straight forward in this regard.
Answer: 

Answer by Randy Carey:I think it is pretty clear:

Paragraph 11(c)(3)—Extension of Time Periods
1. POS debit card transactions. The extended deadlines for investigating errors resulting from POS debit card transactions apply to all debit card transactions, including those for cash only, at merchants' POS terminals, and also including mail and telephone orders. The deadlines do not apply to transactions at an ATM, however, even though the ATM may be in a merchant location.

Answer: 

Answer by John Burnett:The one thing not specifically mentioned there is an internet purchase using the card. It is, however, a debit card transaction that qualifies for the extension.

First published on BankersOnline.com 8/18/08

First published on 08/18/2008

Filed under: 
Filed under technology as: 

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