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
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