Regulation E: Preauthorized Transfers
10 min! Run Time
Employees
only
Provided
What you'll learn
Skills covered in this course
Description
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.
System Requirements
See System Requirements in the Coggno Knowledge Base
Author
Frequently Asked Questions
The course defines a preauthorized electronic fund transfer as one that recurs at regular intervals, such as a direct-deposited paycheck or an automatic monthly bill payment, under the rules Regulation E sets for these recurring arrangements.
It covers what Regulation E says about recurring preauthorized transfers, giving staff the specific rules that apply once a transaction such as a paycheck or bill payment is set up to repeat automatically at regular intervals.
This course covers rules for transfers to and from a consumer's account, addressing both directions a preauthorized arrangement can move money under Regulation E's requirements for recurring transactions like paychecks and automatic bill payments each cycle.
It explains how consumers can stop preauthorized payments, giving staff who manage recurring EFT arrangements the process a consumer follows to cancel an automatic transfer such as a monthly bill payment set up in advance.
The course covers notice requirements for transfers of varying amounts, built for institution staff who set up and manage recurring EFT arrangements where the payment amount changes from one billing cycle to the next one.
