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Electronic Fund Transfers By Kenneth Benton, Senior Consumer Regulations Specialist, and Robert Sheerr, Research Assistant, Federal Reserve Bank of Philadelphia reg e error resolution procedures Congress passed the Electronic Fund Transfer Act (EFTA) in 1978 reg e error resolution notice to protect consumers engaging in electronic fund transfers (EFTs). The law provides the legal framework reg e error resolution letter for the 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

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stores, and 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 reg e error resolution checklist unauthorized ATM withdrawal. 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 §100

and purpose. §1005.2 Definitions. §1005.3 Coverage. §1005.4 General disclosure requirements; jointly offered services. §1005.5 Issuance of access devices. §1005.6 Liability of consumer for unauthorized transfers. §1005.7 Initial disclosures. reg e error resolution date chart for 2014 §1005.8 Change in terms notice; error resolution notice. §1005.9 Receipts at electronic

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terminals; periodic statements. §1005.10 Preauthorized transfers. §1005.11 Procedures for resolving errors. §1005.12 Relation to other laws. §1005.13 Administrative

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enforcement; record retention. §1005.14 Electronic fund transfer service provider not holding consumer's account. §1005.15 Electronic fund transfer of government benefits. §1005.16 Disclosures at automated teller machines. §1005.17 Requirements for https://consumercomplianceoutlook.org/2012/fourth-quarter/error-resolution-procedures-consumer-liability-limits-unauthorized-electronic-fund-transfers overdraft services. §1005.18 Requirements for financial institutions offering payroll card accounts. §1005.20 Requirements for gift cards and gift certificates. Appendices Appendix A to Part 1005 Model Disclosure Clauses and Forms Appendix B to Part 1005 [Reserved] Appendix C to Part 1005 Issuance of Official Interpretations SUPPLEMENT I TO PART 1005 - Official Interpretations Interpretations For Regulation Text Interpretations For Appendices http://www.consumerfinance.gov/eregulations/1005-11/2013-06861 Regulation Timeline Find the regulation effective on this date: / / Find Current Law 11/17/2014 Final Rule Published 9/18/2014 Compare this with regulation effective 11/17/2014 10/28/2013 12/30/2011 10/28/2013 Final Rule Published 8/14/2013 Published 5/22/2013 Published 8/20/2012 Published 7/10/2012 Published 2/7/2012 Compare this with regulation effective 11/17/2014 10/28/2013 12/30/2011 3/26/2013 Final Rule Published 3/26/2013 Compare this with regulation effective 11/17/2014 10/28/2013 12/30/2011 12/30/2011 Final Rule Published 12/27/2011 Compare this with regulation effective 11/17/2014 10/28/2013 12/30/2011 Search Search Search in regulation effective: 11/17/2014 10/28/2013 3/26/2013 12/30/2011 §1005.11 Procedures for resolving errors. a.(a) Definition of error. 1.(1) Types of transfers or inquiries covered. The term “error” means: i.(i) An unauthorized electronic fund transfer; ii.(ii) An incorrect electronic fund transfer to or from the consumer's account; iii.(iii) The omission of an electronic fund transfer from a periodic statement; iv.(iv) A computational or bookkeeping error made by the financial institution relating to an electronic fund transfer; v.(v) The consumer's receipt of an incorrect amount of money from an electronic terminal; vi.(vi) An electronic fund transfer not identified in accordance with §

depositor insured to at least $250,000 per insured bank Navigation Home Website Policies Contact Us En Español Forms Accessibility Statement Help for First Time Users Deposit Insurance https://www.fdic.gov/consumers/assistance/protection/errorresolution.html EDIE Online Calculator EDIE Online Calculator Online tool that helps how the insurance rules and limits apply to a depositor's specific group of deposit accounts—what's insured and what portion (if any) exceeds http://www.dca.ca.gov/publications/legal_guides/cr-6.shtml coverage limits at that bank. BankFind BankFind Learn if your bank is insured, view locations, track history, and more. Understanding Deposit Insurance Deposit Insurance Videos Deposit Insurance FAQs Deposit Insurance Brochures Deposit error resolution Insurance History What's Covered? How are My Deposit Accounts Insured by the FDIC? Revocable and Irrevocable Trust Accounts Accounts Covered by the FDIC What's Not Insured Bank Failures Failed Bank List Bank Failures in Brief Historical Statistics on Banking - Failures and Assistance Transactions Is My Account Fully Insured? Recursos del seguro de depósito en español Consumer Protection Consumer Assistance & Information Consumer Protection reg e error Topics Resources Submit a Complaint Temas sobre la protección al consumidor Community Affairs Community Affairs Program Alliance for Economic Inclusion FDIC National Survey of Unbanked and Underbanked Households Financial Education & Literacy Money Smart - A Financial Education Program Teacher Online Resource Center Parents and Caregiver Resource Webpage FDIC Learning Bank FDIC Consumer News FDIC Youth Savings Pilot Program Alfabetización de Educación Financiera Industry Analysis Bank Data & Statistics Institution Directory Central Data Repository (CDR) Uniform Bank Performance Reports (UBPR) Summary of Deposits Deposit Market Share Report FDIC State Profiles Statistics at a Glance Research & Analysis FDIC Quarterly Banking Profile Center for Financial Research Community Banking Study Failed Banks Failed Bank List Bank Failures in Brief Historical Statistics on Banking - Failures and Assistance Transactions Is My Account Fully Insured? The Deposit Insurance Fund Current Assessment Calculators International Deposit Insurance Association of Supervisors of Banks of the Americas Basel Committee On Banking Supervision (www.bis.org) International Association of Deposit Insurers (www.iadi.org) Center for Financial Research Working Papers Research Programs Conferences & Symposia Regulations & Examinations Bank Examinations Supervisory Insights FDIC Enforcement Decisions & Orders Risk Management Manual of Examination Policies B

Consumer Connection Magazine Consumer Publications Legal Guides More... Online Services File a Complaint License Search BreEZe 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) 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 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 and court decisions that interpret them is available in other published sources.6 Secret Code The first consumer protection provided by the EFT Act and Regulation E is that the financial institution that issues the card or "access device" must also provide a way to identify the consumer to whom the access device is issued.7Typically, the access device is a card embedded with a magnetic strip and embossed with an account number. The issuer typically issues to the consumer, or al

 

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error resolution p Electronic Fund Transfers By Kenneth Benton Senior Consumer Regulations Specialist and Robert Sheerr Research Assistant Federal Reserve Bank irs error resolution department of Philadelphia Congress passed the Electronic Fund Transfer Act EFTA Error Resolution Form in to protect consumers engaging in electronic fund transfers EFTs The law provides error resolution and information requests the legal framework for the rights liabilities and responsibilities of participants in EFT systems that consumers use such as automated teller machines ATMs debit error resolution and information request procedures point-of-sale terminals in retail stores and automated clearing house ACH transactions such as electronic

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