Examples used during this session will help illustrate the handling of unauthorized consumer transactions (error on statement and loss of debit card) with regard to Regulation E and where the liability is applied.
As a financial institution, you have responsibilities and liabilities under Regulation E for your consumer accounts when there are unauthorized transactions. Included in this session is an opportunity for attendees to apply the basics of Regulation E and the error resolution timeframes and processes as provided in this webinar, as the trainer walks attendees through some real-life scenarios.
Objectives of the Presentation
Why Should you Attend
- Identify Regulation E terms and know what they mean
- Define the limits of liability and who is liable for what amount will be covered in detail while providing some real-life scenarios
- Details on the error resolution process for the consumer communicating with the financial institution, the research time, and the timing of providing provisional credit
- List the guidelines to include the "what if" there is no error, and providing notice to consumer
- Recognize process to follow regarding overdraft protection when the provisional credit is reversed
- Identify the maximum liability amounts that the consumer is liable for when they experience the loss of a debit card and what the financial institution can do to help minimize losses.
Regulation E governs consumer protection when using electronic fund transfers which includes debit card transactions. Financial institutions are required to handle every consumer report of unauthorized entries while being in compliance with Regulation E.
This session will define and explain the types of transactions covered by Regulation E and the requirements pertaining to debit cards dispute resolution for your financial institution. The consumer does have liability and the financial institution has specific responsibilities and steps to take to help resolve errors relating to a lost or stolen access device (a consumer's card).
The course will define an error according to the regulation along with the timing requirements for investigation and resolution of unauthorized debit card transactions by you the financial institution. The instructor will also discuss what you must do to minimize a financial institution's losses.
Who will Benefit
- Regulation E compliance tips when handling unauthorized transactions
- Definitions for consumer account, access device, electronic terminal and more
- Identify what is covered by Regulation E and what is not covered
- Details on "What is an Error" (according to Reg E)
- Timeframes for consumer when reporting errors to the financial institution
- Consumer liability and responsibility for unauthorized transactions
- Loss or theft of Debit card and liability of which party for those transactions not authorized
- Required communications by the financial institution to the consumer
- Responsibilities in handling daily debit card investigations
- Specific disclosure requirements and notification procedures
- Reg E requirements for closing out the investigation
- Financial Institution liability and responsibility when handling errors to consumer accounts
- Use of real-life scenarios to demonstrate how Regulation E is applied when there is an error on the consumer statement and/or the loss of a debit card
This webinar will provide valuable assistance to all personnel in:
- Financial institutions
- Card Personnel
- Risk/Compliance Officer
- Internal Audit
- AAP Candidates
- Accredited ACH Professionals, ACH Operations Managers and Staff
- BSA/Compliance Officers
- ACH Managers
- Front Line - teller and customer service staff
- Electronic Payments Professionals, Electronic Banking Management and Staff
- Debit and ATM Card Staff
- Anyone who wishes to enhance their knowledge of the banking regulations relative to Reg E
Regulation E provides a basic framework that establishes the rights, liabilities, and responsibilities of participants in electronic fund transfer systems for consumers. As a financial institution, you have responsibilities and liabilities under Regulation E for your consumer accounts when there are unauthorized transactions.