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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 passed the Electronic Fund Transfer Act (EFTA) in 1978 to electronic funds transfer error resolution protect consumers engaging in electronic fund transfers (EFTs). The law provides the error resolution notice legal framework for the rights, liabilities, and responsibilities of participants in EFT systems that consumers use such as regulation e error resolution procedures automated teller machines (ATMs), debit point-of-sale terminals in retail stores, and automated clearing house (ACH) transactions such as electronic payment of a creditor’s bill from a consumer’s checking account. Regulation

Regulation E Error Resolution Timeframes

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. 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 regulation e provisional credit 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 information or clarification concerning an electronic fund transfer, including a request the consumer makes to determine whether one of the errors listed above actually exists. The term “error” does not include routine inquiries about a consumer’s account balance, requests for information for tax or other record-keeping purposes, or requests for duplicate copies of documentation.2 Financial institutions must follow

and purpose. §1005.2 Definitions. §1005.3 Coverage. §1005.4 General disclosure requirements; jointly offered services. §1005.5 regulation e dispute time frame Issuance of access devices. §1005.6 Liability of consumer for

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unauthorized transfers. §1005.7 Initial disclosures. §1005.8 Change in terms notice; error resolution notice.

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§1005.9 Receipts at electronic terminals; periodic statements. §1005.10 Preauthorized transfers. §1005.11 Procedures for resolving errors. §1005.12 Relation to other laws. §1005.13 Administrative https://consumercomplianceoutlook.org/2012/fourth-quarter/error-resolution-procedures-consumer-liability-limits-unauthorized-electronic-fund-transfers 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 overdraft services. §1005.18 Requirements for financial institutions offering payroll card accounts. §1005.20 Requirements for gift cards http://www.consumerfinance.gov/eregulations/1005-11/2013-06861 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 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

Aboutthe Fed News& Events MonetaryPolicy BankingInformation& Regulation PaymentSystems EconomicResearch& Data Consumer Information CommunityDevelopment ReportingForms Publications skip to content Menu Home > Banking Information & Regulation > All Regulations > Compliance Guides Print Regulations https://www.federalreserve.gov/bankinforeg/regecg.htm All Regulations Regulatory Amendments Compliance Guides About Regulations Regulatory Publications Compliance Guide to Small Entities C | D | E | F | H | I | J | L | M | O | P | R | U | X | Z | AA | BB | CC | DD | GG | II | Regulation E: Electronic Fund Transfers 12 CFR 205 This description should error resolution not be interpreted as a comprehensive statement of the regulation. Rather, it is intended to give a broad overview of the regulation's requirements. The full regulation is available on the Government Printing Office web site. Regulation E provides a basic framework that establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems such as automated teller machine transfers, telephone bill-payment services, point-of-sale (POS) terminal transfers in e error resolution stores, and preauthorized transfers from or to a consumer's account (such as direct deposit and social security payments). The term "electronic fund transfer" (EFT) generally refers to a transaction initiated through an electronic terminal, telephone, computer, or magnetic tape that instructs a financial institution either to credit or to debit a consumer's asset account. A general description of the regulation, by section, follows. Section 205.1 Authority and purposeStates that the primary objective of the regulation is to protect individual consumers who engage in electronic fund transfers. Section 205.2 DefinitionsDefines key terms used in the regulation. Section 205.3 CoverageLists the types of transactions covered by the regulation--those initiated through an electronic terminal, telephone, computer, or magnetic tape to either order, instruct, or authorize a financial institution to debit or credit an account. These transfers include, but are not limited to, POS and ATM transfers, direct deposits or withdrawals, telephone transfers, and transfers initiated through a debit card transaction. Section 205.4 General disclosure requirements; jointly offered servicesStates that a financial institution may combine the disclosure information required by the regulation with that required by other laws such as the Truth in Lending Act or the Truth in Savings Act as long as it is clear and understandab

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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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