Regulation E
Unauthorized electronic funds transfers disputes
What does Regulation E govern?
Kauai/Niihau
Where would a person have to live, worship, or work to become a member?
Deposit done electronically automatic to an account
What is direct deposit?
Withdrawal of $1 transfer fee
What is a fee withdrawal?
Account owned by one member who has qualified for membership
What is an Individual Account?
60 Days
How many days after receiving a statement does a member has to dispute a transactions?
$1
What is the membership fee?
Needed on the back of a check deposited if it's not payable to the names on an account or is required
What is Endorsements?
$300/$500
What is the MP tolerance dollar amount?
($300 personal/$500 business)
An account owned by two or more persons
What is a Joint Account?
Issuing credit to member for unauthorized transaction
What is 10 business days?
Rights and responsibilities concerning accounts
What is the Membership and Account Agreement?
Items is returned, the credit union is not liable for the loss, member is liable
What is a collection of items (RCD)?
Overdraft Fee
What is the $12.50 fee for?
Instructions the Credit Union needs to follow should all parties to an account dies
What is a POD/Trust Account Designations?
20 business days
How long do we have to issue a credit for unauthorized transactions on a new account?
Membership requirements, BOD, Expel of a member, etc. (hint: law)
What is the Credit Union's bylaws?
Requirements set forth in which funds may be deposited to any account, in any manner approved by the CU
What is the Truth-in-Savings Disclosure.?
Member privilege agreement form
What is an A9 form?
Type of account must have an adult joint owner
What is an Account for Minors?
$500
What is the maximum amount of unauthorized transactions a person may be liable for, if an access device is loss or stolen?
One owner dies, all sums in the account will pass to the surviving owner(s)
What is survivorship?
"Two Signature Required", "Void after 60 days", "not valid over $500", etc...
What is a restrictive legends?
Link to a savings or a line of credit
What is an overdraft protection plan?
An account that instructs the Credit Union to authorize another person to make transactions on behalf of the member
What is a POA/Agency Designation account?