Regulation E
2h 2 min! Run Time
Employees
only
of Completion
What you'll learn
Skills covered in this course
Description
In November 2009 the Federal Reserve Board amended Regulation E to limit overdraft fees on ATM and one-time debit card transactions unless the consumer opts in. This course explains that change.
What this course covers:
- The 2009 Regulation E amendment on overdraft fees
- How the opt-in requirement works for ATM and one-time debit transactions
- Why affirmative consumer consent matters
- How the rule protects consumers on electronic transfers
Built for financial institution staff who need to apply Regulation E's overdraft opt-in rules correctly.
System Requirements
See System Requirements in the Coggno Knowledge Base
Author
Regulation E
Regulation E, which implements the Electronic Fund Transfer Act, protects consumers and institutions as electronic banking expands.
What this course covers:
- The disclosures institutions must give consumers
- Guidelines for issuing access devices like debit cards
- Consumer and bank liability when errors occur
- Overdraft protections, receipts, statements and prepaid account rules
The ideal starting point for staff before the detailed Regulation E modules.
New technology now turns a paper check into an electronic transfer, or e-check, removing much of the old processing delay.
What this course covers:
- How electronic check conversions (ECKs) work under Regulation E
- ECK transactions and MICR encoding
- Consumer authorization requirements
- Payee responsibilities in the conversion process
For banking staff who handle check processing and electronic fund transfers.
Building on Disclosures Part 1, this course drills into four specific Regulation E disclosures that consumers rely on.
What this course covers:
- Disclosures for changes to account terms
- ATM fee disclosure requirements
- Overdraft service fee disclosures
- Gift card disclosure rules under Regulation E
Built for financial institution staff who prepare and review consumer disclosures.
Before July 2010, banks could cover an overdrawn electronic transaction and charge a fee without the consumer's consent. Regulation E changed that.
What this course covers:
- Why the overdraft opt-in rule was added to Regulation E
- What overdraft coverage on electronic transactions means
- How consumers opt in to this coverage
- What the rule means for institutions and their customers
Built for staff who manage overdraft services and consumer accounts.
Errors happen, and Regulation E sets out exactly how financial institutions must handle them.
What this course covers:
- What constitutes an error and what does not
- How to investigate an error once it is reported
- What information is needed and how quickly
- The four-step error resolution process
Designed for institution staff who receive and resolve consumer error claims.
Once an error is investigated, the question becomes how much liability the consumer carries. This course covers cases where an access device is involved.
What this course covers:
- How consumer liability works under Regulation E
- Liability levels when an access device is involved
- The different tiers of liability and what triggers them
- Real-life scenarios that show liability in practice
For institution staff who determine consumer liability on disputed transactions.
This final part of the series examines consumer liability when no access device is involved in the disputed transaction.
What this course covers:
- How liability differs without an access device
- The tiers of consumer liability that apply
- What determines the consumer's level of liability
- Real-life examples that clarify each tier
Built for institution staff resolving errors and assigning consumer liability.
Consumers track their electronic transactions through receipts and periodic statements, so Regulation E sets clear rules for both.
What this course covers:
- What must appear on EFT terminal receipts
- Terminal receipt exceptions under Regulation E
- Periodic statement content requirements
- The exceptions to periodic statement rules
Built for institution staff who produce receipts and account statements.
A preauthorized electronic fund transfer recurs at regular intervals, such as a direct-deposited paycheck or an automatic monthly bill payment.
What this course covers:
- What Regulation E says about recurring preauthorized transfers
- Rules for transfers to and from a consumer's account
- How consumers can stop preauthorized payments
- Notice requirements for transfers of varying amounts
For institution staff who set up and manage recurring EFT arrangements.
As prepaid cards became widely popular, Regulation E was expanded to protect prepaid accounts.
What this course covers:
- Which prepaid accounts and cards are covered, and which are not
- Error resolution and liability limitations for prepaid accounts
- Exceptions that apply to unverified prepaid accounts
- Required changes to periodic statements and the alternatives
For institution staff who manage prepaid card and account programs.
Continuing from Part 1, this course focuses on the disclosure and credit-related requirements of the Prepaid Rule.
What this course covers:
- Pre-acquisition disclosures and when they are required
- Formatting and content requirements for those disclosures
- How hybrid prepaid credit cards are treated
- Where to find helpful resources on the Prepaid Rule
For institution staff implementing prepaid account disclosures and programs.
In November 2009, the Federal Reserve Board amended Regulation E to change how banks may charge overdraft fees on ATM and one-time debit card transactions, with the rules taking effect July 1, 2010.
What this course covers:
Ideal for banking staff who handle overdraft programs and consumer accounts.