1. for each electronic funds transfer during the period, the information referred to in paragraph (a), which may be contained in an accompanying document; Yes. As explained in Electronic Funds Transfer Coverage: Financial Institutions Question 1, the definition of financial institution includes a bank, savings association, credit union or other person who directly or indirectly owns a consumer`s account or who issues an access device and agrees with a consumer to provide EFT services. 12 CFR 1005.2(i). Since the deposit-taking institution maintains the consumer`s deposit account, in this case it is considered a financial institution within the meaning of Rule E with all the troubleshooting obligations. 12 CFR 1005.11. For more information about these error resolution requirements, see Question 2, Troubleshooting electronic transfers. Typically, an „intermediary“ payment transfers funds from the consumer`s account held by an external financial institution to another person`s account held by an external financial institution. An interim payment is initiated through a financial institution that does not maintain a consumer account, such as a non-bank P2P provider. As explained in Electronic Funds Transfer Coverage: Transactions Question 1, Regulation E applies to all EFTs that authorize a financial institution to debit or credit a consumer`s account. 12 CFR 1005.3(a).

As explained in Electronic Funds Transfer Coverage: Transactions Question 3, the term EFT includes debit card transactions and, therefore, „intermediary“ debit card payments are EFTs. 12 CFR 1005.3(b)(1)(v). For more information on the error resolution obligations of financial institutions involved in an intermediate debit card payment, see Electronic Transfer Coverage: Financial Institutions Questions 3 and 4. Congress passed EFTA in 1978 in response to the growth of ATMs and electronic banking, and the Federal Reserve Board (FRB) implemented it as Regulation E. The law established rules for consumer protection and defined the rights and obligations of all parties involved in electronic funds transfer. Notwithstanding the foregoing, no refund is required to be made to the consumer for any loss determined by the financial institution if the consumer had not reported within sixty days of the submission of the statement (or in extenuating circumstances such as extended travel or hospitalization, within a reasonable time in the circumstances) any unauthorized electronic transfer or account error occurring on the periodic statement. which will be made available to the consumer in accordance with Article 906. In addition, it is not necessary to reimburse the consumer for losses that the financial institution believes did not occur, but if the consumer does not report the loss or theft of a card or other means of access within two business days of becoming aware of the loss or theft (or in extenuating circumstances such as extended travel or hospitalization).

within a longer period reasonably reasonable in the circumstances), but the consumer`s liability under this subsection shall not exceed a total of $500 in such a case or the amount of unauthorized electronic money transfers made after two business days (or a longer period) after the consumer has been notified of the loss or theft, but before notification to the financial institution in accordance with this Subdivision. whichever is lower. (a) THE PROVISION OF WRITTEN DOCUMENTATION TO THE CONSUMER; CONTENT.–For any electronic transfer initiated by a consumer from an electronic terminal, the financial institution holding the consumer`s account must provide the consumer, directly or indirectly, with written documentation of the transfer at the time of the transfer. However, in no event shall a consumer`s liability for unauthorized transfer exceed the lesser of the following amounts: – In this paragraph, the term „electronic transfer system“ is used. – Martin Davidoff said: „I have people with entire businesses who don`t report them at all, and they just transfer it to their personal bank account.“ The FDIC prides itself on being an outstanding source for research on the U.S. banking sector, including quarterly banking profiles, working papers, and performance data from public banks. Browse our research tools and detailed reports. All financial institutions in these examples, including non-bank P2P payment providers or financial institutions with a deposit account, must comply with the troubleshooting requirements described in Question 2 on troubleshooting electronic money transfers, as well as the liability protection for unauthorized transfers in 12 CFR 1005.6.