Who/Why/What
Where can you find the EFT disclosure for customers?
What is Services, Other services, Deposit Acct Disclosures
What are two types of access devices?
ATM/Debit, Online Banking, Mobile Banking, Bankline
Who do you contact when reporting unauthorized EFT?
ATM/Debit cards and ACH transactions - EFT dept.
Online/Mobile Banking - Online Banking
Bankline Transfers - Customer Service
Are preauthorized transfers authorized in writing?
yes pre-auth transfers are always in writing and a copy must be provided to the consumer
How long will it take for Northwewst to correct the error and credit any outstanding interest and refund and fees or charges imposed?
Within 1 business day
What is an Electronic Funds Transfer?
What happens if an unauthorized person were to initate an EFT ?
Consumer would receive no benefit
Northwest provides receipts at all electronic terminals... What are 3 things that are required?
amount of transfer, date of transfer, type of transfer, type of account to and from, unique consumer code, location of terminal
How long until credit will be given to the consumers account after Northwest receives the EFT
Credit will reach consumers account with same day availability
How long will it take Northwest to send out a notice to the consumer?
Notice will be give within 4 business days of finalization of provisional credit
What Are two Types of Electronic Transfers?
Point of Sale, ATM, ACH, Online Transaction, Bankline Transfer
How many days does the consumer get to notify Northwest about a loss/theft?
2 Business days after learning of the incident
Statements are sent quarterly usually, in what case would they be sent monthly?
IF an EFT occurred
How many days prior to the scheduled payment should a stop payment be placed?
at least 3 days to allow processing time
(this doesn't include POS/debit card transactions)
What will Northwest do if no error was found?
Northwest will mail consumer a written explanation of findings within 3 business days
What is the purpose of Regulation E?
Reg E carries out the purpose of the congress enacted Electronic Fund Transfer Act
What happens if a customer fails to Notify Northwest about a loss/theft?
Liability shall not exceed lesser of 500$ of sum of (1) 50$ or amount of unauthorized EFT's occurring before the second business day
Why would a passbook account receive a statement
If an EFT transaction occurred
What must the Notice Of Error include other than the alleged error?
Consumers name, account number, type of transaction, date of transaction, amount of error
What happens if their is no need to reverse provisional credit?
Consumer will be notified with date and amount of debit and fact we will honor checks payable to third parties and preauthorized transfers from account for 5 business days after notice
*What year was Reg E introduced?*
November 10, 1978
What happens if the customer fails to notify Northwest within 60 days of receiving periodic statement ?
Customer may be liable for any subsequent transaction
If an EFT occurs will the consumers Passbook update automatically or manually?
Automatically
How Many days does Northwest have to complete their investigation?
Northwest has 45 days however provisional credit must be given to consumer within 10 business days and notify consumer within 2 business days of credit
DAILY DOUBLE MY GUY! ITS LITTY
What is the policy number for Regulation E
01-02-05