03/19/2007
On Money Market accounts, if a customer initiates online transfers between their accounts at one financial institution is this considered part of the limit of six, or can this be considered unlimited?
03/19/2007
When paying by Credit Card, (not debit card) at [Pharmacy Store Name Withheld] in San Diego the clerk said the management tells them "they DO NOT need to view the ID of the purchaser. They have an agreement with the credit card company." Is this possible? There are actually lots of places where no one checks ID on signed transactions. How can we start a campaign to make the merchants more responsible? Obviously they know the banks will take the loss no matter what they do.
03/12/2007
We have been told that some banks are reducing the number of days that a customer can report an error concerning an EFT from 60 days to 30 days. Is this permissible, or is it a violation of Reg E?
03/05/2007
A business who is a customer of the bank has entered into an agreement with the bank to collect bad checks. The bank initiates an EFT to collect the check and reimburse the business. At the same time the check is collected the bank initiates a fee to the consumer's account for the bad check and the bank keeps the fee. From what I understand, the bank is sending the fee on its own behalf. Wouldn't the bank be responsible for giving a notice under the new Reg E effective Jan 1, 2007 to the customer in this instance?
02/12/2007
I am the Electronic Banking Specialist for [Bank Name Withheld]. We are having a debate among ourselves and our Legal Department regarding whether or not check imaging is covered by Reg E. One opinion has to do with whether the check image is truncated or not; another has to do with the intent for imaging, whether as a tool for the merchant to recover funds on a returned item, or as a bank tool to pacify clients who want their checks back. I would appreciate any input that you might offer as you have a more industry-wide view available, as well as experience in compliance and Reg E issues.
02/05/2007
What are the major changes that financial institutions need to make in order to be Reg E compliant as of January 1st?
01/29/2007
What are the major changes that financial institutions need to make in order to be Reg E compliant as of January 1st?
01/15/2007
I am in the process of preparing training materials for Reg E and I reviewed the PowerPoint presentation that I found in the <a href="http://www.bankersonline.com/tools/tools.html#Regulatione">Reg E section of the BOL Tools</a>. It states that a "covered transaction" is one that is "initiated by check". Is this correct? I thought this was a non-covered transaction.
01/15/2007
Do you know if a customer can opt out from a merchant processing their check via remote capture and force the merchant to deposit their check via a conventional over-the-counter deposit? Does the merchant have to reveal that they are utilizing remote capture?
11/27/2006
I am trying to determine how bill payments through our online banking program fit into the Reg E guidelines and how to write policy/procedures for this. Can you help?