Reg E
Other term for Regulation E.
Electronic Funds Transfer Act (EFTA)
What is provisional credit?
Provisional credit is a temporary credit issued to cardholders while the investigation on their dispute is ongoing.
What are Past Timeframe claims?
PTF claims are claims that are reported past 60 calendar days from the billing statement which the oldest dispute transaction appears.
What are the 3 Non-Reg E dispute types?
Merchandise Returned
Merchandise/Service Not Received
Merchandise/Service NotAs Described
True or False. Financial institutions have the right to require cardholders to send additional information/documents to aid us in our investigation.
False. We do not want our members to perceive that they're receiving special treatment if they send one versus if they don’t. Instead, we would want to remain more neutral at all times.
True or False. We do not reverse the provisional credit if we determined that no error has occurred on the disputed transaction.
False. Since the final resolution of the claim is denied, we need to reverse the provisional credit.
True or False. PTF claims are no longer eligible for provisional credit.
True. Under Regulation E, a cardholder will only receive provisional credit if their dispute was reported on time.
What are the 5 Reg E dispute types?
Cancellation
Duplicate Charge
Credit Not Posted
Incorrect Amount Charged
Paid By Other Means
What is dispute?
In any type of financial account, a dispute is a situation in which a customer questions the validity of a transaction that was registered to the account.
What are the requirements to receive a provisional credit?
1. Must be a Reg E claim.
2. Dispute must be reported on time.
Scenario #1:
Disputed transaction - August 19, 2020
DND - November 1, 2020
PTF claim or not?
Not a PTF claim since it was reported within 60 calendar days from the billing statement of the transaction.
Which type of EA dispute is this?
I ordered some sushi from Foodpanda last night for $25.00. The weird thing was when I was finishing up my order, the app took ages to load but it did go through. I just logged in to my Chime app today and saw that they charged me 3 separate times! I want a refund, please.
Duplicate Charge
What is an error allegation transaction?
A transaction which was authorized but the cardholder found an error either during the exchange of goods/services or during the billing.
Scenario #1:
November 20, 2020 - first funding event
December 20, 2021 - disputed transaction date
January 18, 2022 - DND
Is this is an old or new account?
When is the Provisional Due Date?
New account. 01/18/2022 + 20 business days = 02/15/2022
Scenario #2.
Disputed transactions:
-November 1, 2021
-November 2, 2021
-December 3, 2021
DND - December 8, 2022
PTF claim or not?
PTF claim.
Which type of EA dispute is this?
I got some cute swimwear from Shein last April 5th and they gave me a $5 shipping discount coupon which made my shipping fee $15. When I received my order confirmation, I saw that the coupon did not apply and I still paid for $20. How did this happen?
Incorrect Amount Charged
Define reasonable investigation.
A reasonable investigation is a fact-based investigation conducted timely into the error allegation/report of unauthorized activity and we arrived in our decision based on the facts present in the case.
Scenario #2:
May 18, 2021 - first funding event
May 19, 2022 - disputed transaction date
July 5, 2022 - DND
Is this is an old or new account?
When is the Provisional Due Date?
Old account. 07/05/2022 + 10 business days = 07/19/2022.
Scenario #3:
Disputed transactions:
-January 18, 2022
-February 21, 2022
-May 29, 2022
-June 1, 2022
DND - June 4, 2022
PTF claim or not?
PTF claim.
Incorrect Amount Charged, Duplicate Charge, and Paid By Other Means all give the same idea, which is the member was overcharged for their transaction. But how do they differ from each other?
Incorrect Amount Charged - the amount supposed to be charged plus the overcharge were combined and processed in one go.
Duplicate Charge - the member was charged multiple times for one transaction; all charges occur under the same card.
PBOM - the member already paid for the transaction using a different payment method but was still charged on their Chime debit card.