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The Electronic Funds Transfer Act (EFTA) and its partner law Regulation E came about to protect people who use electronic banking services, including ATMs.
Consequences of not following Reg E and how QFD helps keep compliant
How does Reg E apply to disputes?CFPB Guide
Disclosures & Notices
| Document | Summary |
|---|---|
| Initial Disclosures | This document is provided when a customer opens an account or before the first electronic transfer on the account, summarizes customer liability for unauthorized transfers, fund transfer services offered by the bank, and related fees |
| Change-in-terms Notices | Banks must provide a notice to customers advising of adverse changes they intend on making (fees increases) at least 21 days before the changes are in effect |
| Electronic Transfer Receipt | For electronic transfers, banks must make available a receipt that confirms the customer’s account, description of transfer/purchase, amount, date, and location of the electronic terminal |
| Periodic Statements | This document is provided monthly if an electronic transfer occurred, quarterly if no electronic transfer occurred |
| Error Resolution Notice | Banks must regularly send error resolution procedures to customers, such as an annual notice or along with periodic statements |
| Provisional Credit Letter | The customer must be notified within two business days if a provisional credit is granted |
| Investigation Conclusion | Upon concluding the investigation, the bank must notify the customer within three business days and denials must always be provided in writing |
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