Eft Error Resolution Procedures
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Electronic Fund Transfers By Kenneth Benton, Senior Consumer Regulations Specialist, and Robert Sheerr, Research Assistant, Federal Reserve Bank of Philadelphia Congress electronic funds transfer error resolution passed the Electronic Fund Transfer Act (EFTA) in 1978 to eft error resolution form protect consumers engaging in electronic fund transfers (EFTs). The law provides the legal framework for the regulation e dispute time frame rights, liabilities, and responsibilities of participants in EFT systems that consumers use such as automated teller machines (ATMs), debit point-of-sale terminals in retail stores, and
Regulation E Provisional Credit
automated clearing house (ACH) transactions such as electronic payment of a creditor’s bill from a consumer’s checking account. Regulation E implements the EFTA’s requirements. Among its provisions, Regulation E specifies procedures that institutions must follow for investigating and resolving errors alleged by consumers for EFTs, such as an unauthorized ATM withdrawal. regulation e error resolution timeframes The regulation also specifies the extent to which a consumer can be held liable for unauthorized EFTs. To facilitate compliance, this article reviews the regulation’s error resolution and consumer liability provisions. ERROR RESOLUTION PROCEDURES: 12 C.F.R. §1005.11 Section 1005.11 sets forth the procedures financial institutions must follow after receiving notice from a consumer of an error for an EFT. Before discussing these procedures, it is helpful to identify issues that are deemed “errors.” Under §1005.11(a), the term error includes: An unauthorized EFT; An incorrect EFT to or from a consumer’s account; An omission of an EFT from a consumer’s periodic statement; A computational or bookkeeping error by the institution for an EFT; A consumer’s receipt of an incorrect amount of money from an electronic terminal;1 An EFT that was not identified in accordance with §1005.9 or §1005.10(a); and The consumer’s request for documentation required by §1005.9 or §1005.10(a) or for additional informatio
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Regulation E Error Resolution Chart
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Consumer Connection Magazine Consumer Publications Legal Guides More... Online Services File a Complaint License Search BreEZe http://www.dca.ca.gov/publications/legal_guides/cr-6.shtml More... Consumer Rights in Electronic Fund Transfers: Legal Guide CR-6 Printer Friendly Version CONSUMER RIGHTS IN ELECTRONIC FUND TRANSFERS December 2008 You deposit a check, withdraw cash or transfer funds between bank accounts at an automated teller machine (ATM). You purchase groceries and pay at the grocery store's point-of-sale (POS) error resolution terminal using your debit card and personal identification number. You authorize the telephone company to automatically withdraw the amount of your phone bill from your checking account each month by means of a "preauthorized electronic fund transfer." These all are examples of electronic fund transfers ("EFTs"). These kinds of transfers have e error resolution become so accepted and common that you probably never think about them. Nonetheless, there is a comprehensive legal framework behind every electronic fund transfer, and this framework is a major reason that EFTs have flourished. The federal Electronic Fund Transfer Act1and Federal Reserve Regulation E2provide a "Consumer Bill of Rights" for electronic fund transfers. These laws set forth the basic rights, financial liabilities, and obligations of both consumers and card issuers (typically banks or other financial institutions) with respect to electronic transfers of funds. They contain numerous consumer protections3which are not subject to waiver or modification by the consumer.4. Their objective is "the protection of individual consumers engaging in electronic fund transfers."5 They generally meet the needs of both financial institutions and consumers. This Legal Guide provides an overview of the major consumer protections provided by the federal EFT Act and Regulation E. Detailed coverage of the statute, regulations a