REG E

Question 1

Reg E classifies both a failure to include a transfer on the periodic statement and a consumer request for additional information as “errors.”

Answer 1

True

Question 2

A DFI must respond to a notice of an error by either resolving it within 10 business days or re crediting the customer account during a 45-day investigation.

Answer 2

True

Question 3

Reg E allows exactly twice as long to resolve POS errors or EFT’s that are not initiated within a state as pre-authorized EFT errors.

Answer 3

True

Question 4

DFI must provisionally re-credit a customer account even if it required written confirmation following oral notice of an error and the customer did not provide it.

Answer 4

False

Question 5

DFI’s have two business days to correct confirmed errors.

Answer 5

False

Question 6

DFI may not notify consumers of corrected errors via the periodic statement.

Answer 6

False

Question 7

If loss/theft of access device is not reported within two business days, the consumer’s liability will exceed $50 if financial institution establishes that unauthorized transactions would not have occurred if loss/theft had been appropriately reported.

Answer 7

True

Question 8

DFI has three business days after completing is investigation to report the results to the consumer.

Answer 8

True

Question 9

Reg E requirements for notices of varying amount and stop payment for recurring payments are the same as Nacha requirements.

Answer 9

True

Question 10

Government-initiated transfers and passbook accounts are exempt form Reg E disclosure requirements.

Answer 10

False

Question 11

If a financial institution is small (asset size of $ 100 million or less), debits and credits it receives are exempt from Reg E disclosure requirements.

Answer 11

True

Question 12

Reg E covers all ACH commercial transactions

Answer 12

Flase