Do you have burning questions related to deposit compliance? Struggling with Electronic Funds Transfers, Truth in Savings Act, Regulation CC deposit delays, etc.? If so, we’d like to invite you to join us on our FREE Deposit Compliance Q & A Forum where we’ll answer questions such as:
Answer: For §1005.11 to apply, Regulation E states you must be able to identify the consumer’s name, account number, and why it’s believed that an error has occurred. Section §1005.6 does not specify any minimum amount of information a consumer must provide. Unfortunately, the burden of proof under Regulation E is on the financial institution. Remember, if an unauthorized transaction occurs, the customer might not have access to any more information than you do and the very reason the regulation aims to protect them. If the customer acts in a way that makes you believe he/she might know more than what they’re telling you, you can factor that into your investigation; however, we would not recommend denying claims solely on the basis that customers don’t give you everything you request. The burden to conduct an investigation is on the financial institution.
Answer: The most common violations we see typically have to do with inconsistent terminology (disclosures vs. statements) and disclosures that state something different than what the system is actually doing. This might be the timing of charging fees, how they will be calculated, etc.
See you there!!