04/22/2013
Can a bank accept a stop payment from a online banking account without a signature? Will the printed request be sufficient and hold up in court?
01/14/2013
Does Section 4-403 of the UCC apply to ACH? I have read and read the NACHA Rule for this and Reg E. They both say that you may.
10/18/2010
We were just notified of the death of one of our debit cardholders. He passed away over the weekend. The person who told us about his passing is an authorized signer (not a joint owner) on our customer's account, and also has a debit card that accesses the account that she used to do shopping and other errands for our customer, who was often too ill to go out on his own. We know that we have to watch the account and stop paying any checks our customer drew once ten days have passed since his date of death, but what do we do about transactions conducted by the authorized signer, by check or by debit card?
02/02/2009
What do the regulations say about how long a client has to dispute an unauthorized item that was paid on their bank statement? We have a client that is claiming a forged check item after sixty days. The only thing that I could find was the Reg E rules regarding electronic items.
06/16/2008
Can you provide an interpretation of Reg E Section 205.10? It states, "the financial institution must honor an oral stop-payment order made at least three business days before a scheduled debit. If the debit item is resubmitted, the institution must continue to honor the stop-payment order". It further states under revocation of authorization "once the financial institution has been notified that the consumer's authorization is no longer valid, it must block all future payments for the particular debit transmitted by the designated payee-originator." Is the bank covered if their policy is to place a stop payment for a specific time frame? Is the bank required to block all similar transactions (same originator not necessarily the same amount) indefinitely?
04/28/2008
What is the difference between E-sign and UETA?
03/31/2008
We typically provide our Reg DD change of terms notices via statement message. Our customers that receive e-statements have consented to receive the statement electronically and we send them an e-mail advising them the statement is available. Is this sufficient to cover change of terms requirements or are we required to specifically advise them that a change of terms notice is included with the statement?
01/07/2008
We continually receive disputes involving minor children (under age 18) who have purchased a product on the internet using their parents debit card number for payment. The parent files a claim for unauthorized transaction. Obviously, they refuse to get a police report as we normally require to continue the investigation. The parent tells us the child made the transaction, but they (the parents) did not authorize it. Can the fact that the parents are responsible for actions of minor children living in their house and using their equipment be our defense for denying the claim?
02/12/2007
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.
01/29/2007
A customer accesses our internet and places a stop pay on a check at 8:00 A.M. but the check was presented and paid the night before. Can we return the check stop payment since we are within the 24 hour return window?