Regulation E – The Basics and Error Resolution

Key Take Away:
The confusion over the Reg E error resolution process for electronic fund transfers (EFTs) and the loss of a debit card can be complicated.

Examples used during this session will help illustrate the handling of unauthorized consumer transactions about Regulation E and where the liability is applied (Hint: It is not always the financial institution – the “consumer” does carry some liability).

Overview:
In this 90-minute session, the basics of Regulation E will be covered, which includes some basic definitions, such as consumer account and access device.

We will also discuss and define the limits of liability and who is liable for what amount while providing some real-life scenarios. Details on the error resolution process for consumer notification to the financial institution, research time involved, and the timing of providing provisional credit; included will be guidelines on the “what if” there is no error, and providing notice to consumer, and any overdraft protection relating to that provisional credit being reversed.

Included in the discussion will be liability (maximum amounts) of the consumer and financial institution when there is the loss of a debit card.

Why Should You Attend :
As a financial institution, you have responsibilities and liabilities under Regulation E for your consumer accounts when there are unauthorized transactions.

Regulation E contains an error resolution process for electronic payments posting to consumer’s accounts.  In this session, the basics of Regulation E will be covered, which includes some basic definitions, such as consumer account and access device.

Included in this session is an opportunity for attendees to apply the basics of Regulation E and the error resolution timeframes and processes. The trainer walks attendees through some real-life scenarios.

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