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NCJRS Abstract

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NCJ Number: 83167 Find in a Library
Title: Review of Regulation E - Electronic Fund Transfers, Part 7 Error Resolution
Author(s): D Smith
Corporate Author: US Dept of Justice
LEAA Television Branch
United States of America
Project Director: D Weidan; T Gavey
Date Published: Unknown
Sponsoring Agency: US Dept of Justice

US Federal Reserve System
Washington, DC 20551
Format: Film
Language: English
Country: United States of America
Annotation: The film delineates the statutory provisions of Regulation E defining electronic fund transfer errors and their resolution. Financial institution and consumer responsibilities under this law are emphasized.
Abstract: The regulation covers seven types of errors: unauthorized electronic fund transfers, incorrect transfers, omissions from the periodic statement, bookkeeping errors, incorrect amounts received from a teller machine, unidentified transfers, and information requests for clarification. Consumers are permitted to make notice of an error in either written or oral form; the financial institution is thereupon under obligation to proceed with investigating the report. Consumers are urged to specify the type, amount, and date of the error as precisely as possible. The financial institution's response has specific and complex deadlines mandated by the regulation, for which institutions should prepare adequate procedures so that compliance requirements can be met. Generally, financial institutions have 10 business days to investigate an error, determine its status, and transmit the results to the consumer. Under specific conditions, this time period can be extended to a cumulative maximum of 45 days. Specified time-frames are also given for the institutional responses if the investigation determines that no error exists, if corrective steps are to be taken, and if the investigation is to be extended. An institution may be liable for treble damages if it wrongly determines that a consumer's account is not in error and implies suspected consumer fraud.
Index Term(s): Consumer protection laws; Electronic funds transfer; Financial institutions; Legal liability; Regulations compliance
Note: *This document is currently unavailable from NCJRS. Videotape, 59 minutes, color, 1 inch - see NCJ-83161-83166, 83168 for related videotapes in series.
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