02/04/2008
A family member stole an expired debit card and has been using it undetected by the account holder the last year and a half. The expiration date is not validated at the ATM, so successful withdrawals were made. What is the bank's liability under Reg E?
01/14/2008
If a customer has signed up for e statements and we find that the customer has not retrieved his statement in 60 - 90 daus, is there a Reg E issue with availability of his periodic statements?
12/17/2007
The passage below is part of John Burnett's response to a Reg E question concerning unauthorized transactions reported beyond 60 days from the statement delivery date. For example, if there was an unauthorized transaction (no access device used) that appeared on the customer's June statement and he or she is just now reporting it, must the bank reimburse the customer? My bank has been denying these claims as too old. Based on everything I've read, I believe the customer is not liable for these initial transactions, even though they appear on earlier statements. I am wondering what John meant by "unless the transaction is one in a series" in the article below. Could someone elaborate please? Your consumer/customer is entitled to enter a claim with you that an entry was unauthorized at any time (the 60 day limit in section 205.11 only covers the customer's right to the procedures in that section, not the customer's liability for unauthorized transfers, which is found in section 205.6). If the transaction is unauthorized, the customer is entitled to a refund unless the transaction is one in a series and took place more than 60 days after the statement was available that showed the first unauthorized transaction in the series.
12/17/2007
Do Business Accounts have to comply with E-Sign? If we provide our Business Accounts a monthly EStatement are we required to provide them with an Electronic Statement Disclosure?
12/03/2007
We have customers who are receiving electronic statements on one account (have already provided agreement online that they understand and consent to receiving electronic statements) and then come in at a later date to open a second or third account. May we use the previous consent since the customer is the same, computer being used to access the account is the same and the email address is the same for notification purposes? We have had customers consent again when they open the second and third account and are now receiving lot of negative feedback from the customer. Most importantly they do not understand why we do not automatically set them up for e-statements on their new account since we know them and know they can receive and read our electronic statements.
10/29/2007
Has the Fed set out final rules on retention of E-statements yet? Until we get a final rule, what is the standard for keeping e-disclosures & making them available to customers?
10/01/2007
In order to offer our customers electronic statements, do we need their signature for affirmative consent?
06/25/2007
Is it true that it is a requirement to have a legal agreement signed by the customer prior to the first e-statement going out?
04/16/2007
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?
04/16/2007
If a consumer cites that an item is unrecognized and refuses or does not complete a written statement under penalty of perjury, even if given multiple opportunities, is the bank still required to provide a provisional credit to the consumer?