General
Who does regulation E protect?
Consumers
In order for the consumer to have their liability limited to $50 they have to report unauthorized electronic fund transfers within how many days ?
2 days
Who passed the Electronic funds transfers act?
The United States Congress
What the terminology used to describe a card, code, or other means of access to a consumer's account, or any combination, that may be used by the consumer to initiate electronic fund transfers?
Access device
An institution may only issue an access device if the consumer has requested it via
Oral or written request
What does Regulation E protect against?
Unauthorized electronic transactions
Most unauthorized transactions are resolved within how many days?
10 days
Who was the Electronic Funds Act implemented by ?
The Federal Reserve
This term means a bank, savings association, credit union, or any other person that directly or indirectly holds an account belonging to a consumer, or that issues an access device and agrees with a consumer to provide electronic fund transfer services.
Financial Institution
Consumers must be provided documentation of electronic funds transfers in what two forms?
Terminal receipts and periodic statements
What is the most popular way Electronic Funds are Transferred?
Debit Card Transactions
If the consumer fails to report the unauthorized transaction within a timely manner, the liability that falls on the consumer increases to?
$500 or unlimited liability
In what year was Regulation E passed?
1978
This term means an electronic device, other than a telephone operated by a consumer, through which a consumer may initiate an electronic fund transfer. The term includes, but is not limited to, point-of-sale terminals, automated teller machines (ATMs), and cash dispensing machines.
Electronic Terminal
Institutions must retain records of electronic fund transfers, communications, and disputes for how long?
What are types of electronic fund transfers?
POS and ATM transfers, Direct Deposit and Withdrawals, Debit Card Transactions , and Telephone transfers.
The consumer has unlimited liability after not reporting an unauthorized transaction for how many days?
60 days
How long did it take to get Regulation E passed ?
About 1 month
This term means an electronic fund transfer authorized in advance to recur at substantially regular intervals.
Preauthorized electronic funds transfer
If adverse changes occur within the terms and conditions of electronic fund transfer services, the institution has how long to notify the consumer?
21 days
What is the primary objective of Regulation E?
Protect Consumers against unauthorized transactions.
All unauthorized transactions must be resolved within?
45-90 days depending on the type of institution
Which president signed the Electronic Funds Transfers Act?
Jimmy Carter
This term means an electronic fund transfer from a consumer's account initiated by a person other than the consumer without actual authority to initiate the transfer and from which the consumer receives no benefit
Unauthorized electronic funds transfer
What are the means through which electronic funds can be initiated?
Electronic transmittal, telephone, computer, or magnetic tape.