Should business entities with different Tax ID numbers be permitted to make internal transfers via online banking?
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?
This question is in regards to Reg E and a claim of unauthorized use of an ATM card. Our customer claims that their wallet with their ATM card and PIN was stolen while they were incarcerated. The customer alleges that they was incarcerated "sometime in June" and released in December. They are calling now, in January, claiming that they just discovered that the transactions had taken place. Can we send him a letter stating that he did not respond within the appropriate time frame and is therefore liable for the transactions?
Are wire transfers that originate from the internet home banking covered by Reg E? Reg E says that wire transfers are not covered, but I'm wondering if that the request originates from home banking changes anything.
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.
Our customer is disputing transactions which were all conducted in another state. The customer claims he has never been in that area when transfers took place. He also states he has his card in his possession and believes someone may have gotten hold of his card number. How can this be a valid dispute? Could it be a duplicate card was created?
Are Internet Banking and VRU transactions considered EFTs requiring a periodic statement to be sent to a customer each month in which one occurs?
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?
I have been dealing with fraudulent check card transactions for a while. But I have not found a definite answer to the following question. If a customer still has their card and they are claiming that they have fraudulent transactions in their account does the $50 and $500 liability still apply? Or is the customer not liable at all? If this is covered by Reg E where in the Reg is this covered? I would think with so many compromised cards they would address this issue a little more specific on the reg. If anyone has any opinions on the matter I would appreciate your input.
Can we issue debit cards to savings account holders? The account will not be a transactional account. We would only allow pinned transactions on these cards.