Most Popular Technology Content
Reg E Question Follow-up
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.
E-Sign
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?
Stolen Debit Card - Refunding Foreign ATM Fees
12/10/2007
A customer's debit card has been stolen and unauthorized ATM withdraws showed up on his or her account. Do we have to refund the foreign ATM fees from the other bank or are we only responsible for the actual cash withdraw amount?
Unsatisfied Customers - Refunding Goods & Services
12/10/2007
I have a question about Reg E. We have situations with customers who are not happy with the goods or services they purchased using an access device and they come to us wanting a refund. Do these claims fall under Reg E? The seven errors identified under Reg E say nothing about being satisfied with goods or services from what I can find. If it does not fall under Reg E, can we require them to try and resolve the claim with the merchant?
Reg E Claim Denied on Friendly Fraud?
12/10/2007
Can a Reg E claim be denied to friendly fraud? A friend takes the card and uses it to withdraw cash from an ATM or makes a purchase. The customer knows who made the transactions, but doesn’t want the bank or police to arrest the individual. Does the bank have the right to deny the claim and if provisional credit was given, reverse it?