Regulation E – Electronic Funds Transfer Ac
Examination Checklist
t (EFT) Regulation E – Electronic Funds Transfer Ac
Examination Checklist
Yes No NA
38.
If the financial institution is unable to complete its investigation within 10
business days, does the financial institution have procedures to investigate and
resolve alleged errors within 45 calendar days of receipt of a notice of error;
and:
a. Does the financial institution provisionally credits the consumer’s
account in the amount of
the
alleged error (including interest, if
applicable) within 10 business days of receiving the error notice
(however, if the financial institution requires, but does not receive,
written confirmation within 10 business days, the financial institution is
not required to provisionally credit the consumer’s account)?
b. Within two business days after granting any provisional credit, does the
financial institution inform the consumer of the amount and date of the
provisional credit and gives the consumer full use of
the
funds during the
investigation?
c. Within one business day after determining that an error occurred, does
the financial institution correct the error? and
d.
Does the financial institution reports the results to the consumer within
three business days after completing its investigation, including, if
applicable, notice that a provisional credit has been made final?
[12 CFR 205.11(c)]
38.
If the financial institution is unable to complete its investigation within 10
business days, does the financial institution have procedures to investigate and
resolve alleged errors within 45 calendar days of receipt of a notice of error;
and:
a. Does the financial institution provisionally credits the consumer’s
account in the amount of
the
alleged error (including interest, if
applicable) within 10 business days of receiving the error notice
(however, if the financial institution requires, but does not receive,
written confirmation within 10 business days, the financial institution is
not required to provisionally credit the consumer’s account)?
b. Within two business days after granting any provisional credit, does the
financial institution inform the consumer of the amount and date of the
provisional credit and gives the consumer full use of
the
funds during the
investigation?
c. Within one business day after determining that an error occurred, does
the financial institution correct the error? and
d.
Does the financial institution reports the results to the consumer within
three business days after completing its investigation, including, if
applicable, notice that a provisional credit has been made final?
[12 CFR 205.11(c)]
NOTE: The time period is extended in certain circumstances.
[12 CFR 205.11(c)(3)]
39.
If a billing error occurred, does the financial institution not impose a charge
related to any aspect of the error-resolution process? [Staff Commentary
205.11(c)-3]
40.
If the financial institution determines that no error occurred (or that an error
occurred in a manner or amount different from that described by the
consumer), does the financial institution send a written explanation of its
findings to the consumer and notes the consumer’s right to request the
documents the financial institution used in making its determination?
[12 CFR 205.11(d)(1)]
41.
When the financial institution determines that no error (or a different error)
occurred, does the financial institution notify the consumer of
the
date and
amount of
the
debiting of the provisionally credited amount and the fact that
the financial institution will continue to honor checks and drafts to third parties
and preauthorized transfers for five business days (to the extent that they
would have been paid if the provisionally credited funds had not been
debited)? [12 CFR 205.11(d)(2)]
12 CFR 205.13 - Record Retention
42.
Does the financial institution maintain evidence of compliance with the
requirements of the EFTA and Regulation E for a period of
two
years?
[12 CFR 205.13(b)]
12 CFR 205.16 - Disclosures at Automated Teller Machines (ATM)
43.
If the financial institution operates an ATM and imposes a fee on a consumer
for initiating an EFT or balance inquiry, does the financial institution provide
notice that a fee will be imposed and disclose the amount of
the
fee?
[12 CFR 205.16(b)]
44.
Does the financial institution post the notice required by section 205.16(b) in a
prominent and conspicuous location on or at the ATM? [12 CFR 205.16(c)(1)]
45.
Does the financial institution provide the notice required by section 205.16(b)
either by showing it on the ATM screen or by providing it on paper before the
consumer is committed to paying a fee? [12 CFR 205.16(c)(2)]
33