Reg E Compliance

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Since 1978, when Congress passed the Electronic Fund Transfers Act (EFTA)—better known as Regulation E (Reg E)—financial institutions have been responsible for properly investigating consumer claims of electronic fund transfer (EFT) errors. Those investigations must follow very specific error resolution procedures.

How to Remain Reg E Compliant

At the time Reg E was enacted, paper-based payments far outnumbered electronic fund transfer (EFT) payments. Today, the exact opposite is true. The rise in EFTs has been accompanied by a parallel rise in EFT error claims, making Reg E claims that much more common and difficult for financial institutions to resolve.

Complying with EFT regulations requires financial institutions and their employees to recognize the following milestones and proceed accordingly with each Reg E dispute:

  • When the official notice of a claim has occurred so that it can be investigated and resolved within the Reg E specified time period
  • When to issue provisional credit to the customer during an investigation
  • When to debit the customer’s account if the investigation shows that no error occurred
  • When and how the customer should be notified throughout the investigation

Simplify Reg E Compliance at Your Institution

Minimize your losses and streamline Reg E compliance for your employees with CSI’s WatchDOG Reg E compliance software.

We couldn’t be more pleased with WatchDOG Elite and the responsive service we receive from CSI. We just renewed our contract and hope to be with CSI long into the future.

Nubia Pacheco
Global Communities
Associate Counsel

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