Reg E Flashcards
What types of accounts are covered?
What types of accounts are not covered?
Checking
Savings
Payroll cards
Primarily for personal, family or household purposes
**Does not extend to:
Business purpose accounts
Accounts held under trust agreement or escrow accounts
What types of transactions are covered transfers (meaning EFTs)?
POS
ACH transfers
ATM transfers
Direct deposit or withdrawal of funds
Transfers initiated by telephone
Transfers initiated by a debit card
Electronic transfers using information from a check, such as a check processed via ACH
Online bill payments
What types of transactions are not covered transfers (meaning EFTs)?
Fund transfers
Paper checks
Wire transfers
Certain automatic transfers occurring within the same CU
What is the timing requirement for sending periodic statements?
If no EFTs have occurred, the CU is only required to send periodic statements on a quarterly basis.
However, if an EFT has occurred in the prior month, the rule requires the CU to send a statement for that month.
if statements are sent quarterly, then interim statements must be sent
How does Reg E define an unauthorized electronic funds transfer?
Which transactions are not considered unauthorized transfers?
What triggers a change in terms notification?
If you must send one, what is the timing requirement?
What are some of the ways a CU may provide this notice?
What are the different liability levels for unauthorized transfers?
For each, when does the member need to provide notice and how much is the member liable for?
What are the timelines the CU has for completing its investigation?
What notice is the CU required to provide after it completes its investigation?
Can CUs require members to repay a loan via an EFT in order to be approved for the loan?
What can the CU offer to incentivize its members that agree to repay using EFTs?
What types of transactions are covered by the Reg E OPT-IN RULE for OVERDRAFTS?
What types of overdraft services are not included?
What are the requirements for allowing members to opt in for overdraft protectio?
How long is an opt-in valid for?
What is the process for revocation?
Can CUs offer different account terms or features to members who do not opt-in to overdraft protection?
Can CUs condition other overdraft services on the member’s decision to opt-in?
What types of accounts are covered by Reg E’s prepaid accounts rules?
What are the disclosure requirements for prepaid accounts?
What are the error resolution procedures for prepaid accounts?
How are they different from the regular Reg E error resolution procedures?
