Is the "Official Interpretations" section of Reg E subpart B Remittance Transfers part of the Reg or just someones interpretation? Section 1005.33(a)-5. i., ii., and iii. Procedures for Resolving Errors. This makes no sense to me to hold the sending bank accountable for something beyond their control. I would think an error such as this would fall under "Extraordinary Circumstances." I have to present this to our President and CFO so your answer on this would be greatly appreciated.
How do you determine the difference between a "check card dispute" and "check card fraud?" If a customer claims he did not make the transaction, but the merchandise was shipped to his address, can we deny the claim? If a merchant verifies the security questions through Visa, and the transaction is approved, is the bank obligated to reimburse the customer?
This section of The SAR Activity Review outlines findings from Suspicious Activity Reports referencing credit union cooperatives that provide shared-branching services to member credit unions.
What are the notice requirements when a bank suspends an ATM/debit card for an existing customer due to account abuse? Where can I find a sample of such a notice?
For an account which electronic fund transfers can be made, may the bank send a notice each time with the date, amount, source and account number and not the other information that would be on the monthly statement as opening and closing balance in place of a periodic statement for each monthly cycle in which an electronic fund transfer has occurred? In particular, on a savings account that is normally sent a quarterly statement when no EFT activity has occurred, will the notice mentioned above suffice for a direct deposit to the account in place of the monthly statement?
Even though more and more automated teller machines are being placed in off-premise locations such as convenience stores, ATMs are actually seeing less action these days, according to the 2006 EFT
Brokers and dealers in securities were required to report suspicious activity beginning in January 2003.2 In May 2004, futures commission merchants and introducing brokers in commodities were added
My mother has a credit union savings account into which her monthly social security payment is directly deposited. But she only receives a quarterly statement on the account. Aren't credit unions subject to the same statement requirements under Regulation E that my bank has to follow?
- Identity theft victims spend about 30 hours canceling accounts and filing reports.USA Today, Citibank Research, 12/14/03
PULSE EFT Association, the member-owned ATM and EFT network, is Beta testing a stored value card.