According to a recent survey, annual ACH and debit card usage increased by 6%
and 10% respectively. Consumers appreciate the convenience of conducting
transactions electronically. This increased ease of access also exposes
consumers and their financial institutions to elevated risk of account
compromise and card fraud.
Among its provisions, Regulation E limits
consumer liability for unauthorized transfers, and promulgates procedures for
resolving errors alleged by consumers, including unauthorized and fraudulent ACH
and card transactions. This session will review the specific error resolution
requirements of Reg E, address procedural best practices, and provide tips on
documenting your investigation. It will also detail how to review your error
resolution process, including how audit procedures can mitigate risk for
accountholders and your institution.
- Consumer liability
under Regulation E
- Clarification of which errors trigger the EFT error
- Error resolution timing requirements
- Process to
follow when you’ve wrapped up your investigation
- Overview of error resolution audit procedures
Dawn Kincaid, Brode Consulting Services, Inc.