It’s hard enough to have an accountholder alleging an EFT error. But do you know what to do next? Are you required to provide provisional credit or not? What are the deadlines? What if your accountholder won’t cooperate with the investigation? What if you don’t know the answers to these questions?
- Employ best practices for conducting a Reg E investigation
- Know when provisional credit must be provided
- Distinguish between what can and can’t be required of the accountholder before giving provisional credit
- Meet specific deadlines for completing investigations and providing provisional credit
- Determine the proper dollar amount of provisional credit required by Reg E
Regulation E sets forth the legal framework that requires your institution to investigate alleged errors and unauthorized electronic fund transfers (EFTs) and to provide provisional credit to your accountholders within specific deadlines. Did you know that your institution is obligated to conduct an investigation even though your accountholder won’t cooperate with the investigation? Did you know your institution is obligated to provide provisional credit within the standard deadlines even though you haven’t received sufficient information from your core processor to conduct an investigation? Conversely, did you know that you aren’t required to provide provisional credit if the accountholder won’t signa simple written statement regarding the alleged unauthorized EFT? This webinar will explain how to properly investigate alleged errors and unauthorized EFTs and when to properly provide provisional credit.
Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the
representation of financial institutions. Elizabeth is the head of the firm’s training division.
She received her law degree from the University of Kansas and her undergraduate degree
from Pittsburg State University. In addition, she has a Master of Business Administration
degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was
General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with
more than 130 branches, where she managed all legal, regulatory, and compliance