Regulation E

Reg E

Overview

Regulation E (Reg E) is a regulation put forth by the Federal Reserve that outlines rules and procedures for electronic funds transfers (EFTs) and provides guidelines for issuers of electronic debit cards.

Reg E provides provides guidelines for consumers and banks in regards to electronic funds transfers including: 

  • Automated teller machines (ATMs)
  • Point-of-sale transactions
  • Automated clearing house (ACH) transactions

 

 

Reg E outlines the procedures consumers must follow in reporting errors with EFTs and the steps banks must take to provide recourse. 
Examples of errors can include:

  • Consumer receives incorrect amount of cash from an ATM
  • Unauthorized credit or debit card activity
  • unauthorized wire transfer to or from a consumer's account


 

 
 

First Contact with Client

The official Reg E Date of Notice of Error begins at the time the client notifies a bank associate of the dispute. Notification is either in person, by phone, mail, email, message or chat. The entire timeline for response begins with the official date of notice of error. The receiving associate must accept the notification and begin the process of completing the required document for specific transactions to be submitted to the Transactional Risk & Fraud Prevention (TR&FP) team.

See Creating a Centrix Dispute.

 
 

 

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