Are there any kind of charges for individual eBanking?
If a consumer enrolls in bill pay and has their account electronically debited for the payments, and then the bill pay company converts the electronic withdrawal from the customer's account into a paper check to be sent to the vendor identified, (1) do these transactions (the electronic withdrawal from the consumer's account) fall under Reg E coverage, and (2) if the check payment is sent to the wrong person/company by bill pay because the customer did not update information in the bill pay system, is the customer responsible to work through the company that received the payment in error or is the bank responsible under Reg E? The transaction was authorized with the customer inputting the information.
We are mailing out our statements and also provide eStatements for our customers, but if a customer does not want their statement at all can the customer elect not to receive a statement if we provide them with a form to have them elect not to receive a statement?
Are we required to send a quarterly statement to our Passbook Savings customers if there are no electronic transactions that post to the customer's account? We have a Statement Savings account that a customer can use for ATM transactions and to set up electronic activity and we do send the required statements monthly if there is electronic activity and quarterly if there is not, but on our Passbook Savings, since we update the passbook each time a customer brings it into the bank we only generate a statement if the customer has an electronic transaction post to the account. The Passbook Savings cannot be accessed with an ATM card, but we do not block a customer from setting up an electronic transaction.
The new change to the EFTA about "Remittance Transfers" is this the same as wire transfers? What is the difference?