Electronic Funds Transfers
A bank must resolve an error involving an EFT to or from an account within this timeframe.
What is 20 business days?
Under the E Sign Act, these accounts are not covered.
What are accounts held by a sole proprietor, IRA, profit sharing/pension account, accounts est. under a trust agreement, escrow accounts (for RE taxes, insurance, etc.), and accumulating funds to buy US savings bonds?
Unauthorized electronic fund transfer is defined as...
What is a transfer made by a person from a consumer's account w/out their knowledge or authority to initiate transfer & the consumer receives no benefit?
Banks may substitute electronic statements for paper if done in compliance with this regulation.
What is the Electronic Signatures in Global and National Commerce Act (E-Sign Act)?
An EFT authorized by a consumer in advance that will take place on a recurring basis at regular intervals.
An EFT service provider that does not hold the consumer's account is called _______ and includes digital wallets & mobile apps.
What is Reg E Lite?
The definition of a business day under Reg E is...
What is any day on which the bank is open to the public for substantially all business functions(both public & back office operations?
If a consumer does not notify the bank w/in 2 business days of learning of a loss/theft of an access the device, their liability shall not exceed this amount.
What is the lesser of $500 or the sum of $50 or the amount that occurred w/in 2 business days, whichever is less; and the amount of transfers that occur after 2 business days and before notice to bank if bank establishes transfers would not have occurred if consumer notified bank w/in that 2 day period.
Disclosures for remittance transfers must generally be provided
When does a consumer first request a transfer and again when payment is made?
An ATM operator who imposes a fee for providing an EFT service or balance inquiry must do this before customer is committed to paying fee.
What is disclosure notice on screen or by paper?
This transfer of money from a consumer in the US to a person/business in a foreign country.
What is a remittance transfer?
Banks should verify if these parties provide zero liability to consumers for unauthorized transfers.
Who are third-party card providers such as Visa & Mastercard?
3 conditions that must be satisfied before a dormancy, inactivity, or service fee for a store gift card or general prepaid card.
What is no activity w/ respect on card w/in the prior 12 months, only one such fee is assessed in a given calendar month, and disclosures regarding said fees are clearly stated on the card & issuer has disclosed to purchaser of card.
A device, other than a telephone operated by a consumer, through which a consumer may initiate an EFT.
What is an electronic terminal?
The number of business days before provisional credit must be provided after receiving error notice.
What is w/in 10 business days, 20 for new accounts, or if Visa/MC agreements require less time & disclosed in initial disclosures, comply with their time frame?
Prior to charging an overdraft fee to pay a transaction when the account has insufficient or unavailable funds in account to pay, the consumer must do this.
What is opted in for overdraft services?
Banks should maintain evidence of Electronic Fund Transfer Act and Reg E
What is for 2 years from the date disclosures are required to be made or action is required to be taken?