Our bank is getting ready to change from ATM cards to VISA check cards and are working on disclosures/apps. We were told that under Reg E error resolution, POS transactions now only have 10 days instead of 20 along with foreign transactions and new accts. Is this correct? When did it change? We have lots of statements with 20 days on them, is that a major problem?
What is the difference between "pre-paid debit cards" and "stored value cards"? Are there any regulatory issues with offering them (other than EFT Error resolution?) and are there any difference in offering one over the other?
Can we offer debit cards to savings accounts customers? We would assume they would fall under Reg D. We are considering doing away with ATM cards
When a customer disputes transactions made with their Visa Check Card issued to them by our bank, how should the transaction be approached from a regulatory stand point? Is it EFT or Credit Card? We are having difficulty agreeing on the format we should apply.
A customer ordered an item on e-Bay paying with her Debit Card. She then tried to cancel the order but could not. She acknowledges that she ordered the item, but changed her mind. We submitted a dispute for the transaction and it was denied. Do we have to "eat" that transaction or can it be charged to the customer?
The American Bankers Association and the American Bar Association recently held their 14th annual Money Laundering Enforcement Seminar.
We are nervous about the method we are currently using to authenticate our online customers. We require the customer to put in their user name and a four letter password. Do you think this is sufficient?
Americans spend about $120 billion each year on expanding, renovating and/or repairing their homes. In another seven years this expenditure is expected to reach over $200 billion annually.