There are a lot of misconceptions when it comes to Regulation E and the compliance requirements for resolving errors and disputes. Here are just a couple of the many that we will discuss during the webinar.
- Misconception #1:
If the customer doesn’t make a written claim, no investigation is required.
While you can require a consumer to put their claim in writing, you cannot delay starting your investigation until they do. You must investigate promptly upon receiving notice of the error (even oral notifications). If they do not put their claim in writing, you do not have to provide provisional credit.
- Misconception #2:
The institution can require a police report be filed.
While you can ask if the consumer filed a police report and even suggest they file one, you cannot require they do so before starting your investigation. Again, you must investigate promptly upon receiving notice of the error and cannot increase burden on the consumer.
There is a lot of misinformation and uncertainty surrounding EFT error resolution and it is a hot button with examiners. Your frontline staff needs to be aware of the common misconceptions and pitfalls to ensure compliance.
Published
2025/06/23
