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?
We have a customer that is highly disabled and unable to take care of herself without outside help. She needed cash and gave her ATM card to this person along with the PIN so that she could get cash. The helper withdrew unauthorized additional funds. Our customer filed dispute with us. My questions are we released from giving her funds back since she gave the PIN? Also, can we make her file a police report and press charges against the person or we'll withhold her funds?
Can principals of a private corporation make on-line transfers from their corporate account to personal account? I know telephone transfers are not permitted.
We have a member that has given her ATM card and PIN to her son. Her son IS NOT on the account. He has "lost" the card, and now she is disputing the charges from other ATMs. Does Reg E apply even though he is not on the account?
Reg. E contains a small bank limited exclusion for pre-authorized transfers. We still offer a passbook savings account that allows only direct deposit of payroll. There is specific staff commentary to 205.9 indicating a statement is not required in this instance. Can the argument be made that the direct deposit is a pre-authorized transfer so as a small bank we are excluded from the error resolution notice requirement?
Are online bill payments covered by Regulation E?
If a provisional credit is reversed because the customer contacts the bank and acknowledges the charge, is the bank required to monitor the account for 5 business days?
Are internet banking and billpayer activities subject to Regulation E? I would assume so, but they do not appear to be specifically cited.
We have a customer who filed several Reg E claims. During our investigation we referred the claim to our Security Director who wanted to meet with the customer to discuss the possible identification of a party caught on video. The customer has not returned numerous phone calls and e-mails. Can we refuse the claim for lack of cooperation on the customer's part?