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This recording focuses on several simple steps to handle Reg E customer disputes and inquiries. Understanding the rules will help you satisfy the regulators but can also SAVE YOUR FINANCIAL INSTITUTION MONEY by only paying the claims that you are required to reimburse for unauthorized transactions. We will review the steps required to handle disputes and inquiries and the time frames for resolving a claim for an unauthorized transaction. The only way you can be sure that your front-line staff is complying with this high-profile consumer protection regulation is by providing effective training and providing sound procedures.
What will regulators find when they examine your financial institution for Reg E compliance with error resolution procedures? Do your employees know what is required? Do they know that a customer can write their PIN on a card and this will not be considered “negligent” if the card is lost or stolen?
WHAT YOU WILL LEARN:
- The basic disclosure requirements of Reg E and the definitions that guide the error resolution process.
- What questions should you ask a customer about a disputed transaction?
- What are five “best practices” for handling a Reg E dispute?
- What should be included in an investigation report?
- How do you determine if a customer is liable for an unauthorized transaction? You’ll learn practical suggestions for conducting and documenting an investigation.
- NEW TRENDS IN DEBIT CARD FRAUD
- Resources to educate customers about fraud prevention
Who Should Attend?
This recording will benefit Customer Service and Call Center staff, New Account staff, Teller Supervisors, Deposit Operations staff, Security and Compliance Officers.
PREVIEW QUESTION: A customer reported that they lost their card. The customer told the personal banker that they’d written their PIN on the card. There have been several ATM withdrawals that the customer reports weren’t done by him. Isn’t the customer liable since he wrote his PIN on the back of the card? Our account disclosure says that the customer agrees to keep their card and PIN secure. Can we deny the claim?
ANSWER: The consumer’s liability will be determined by whether or not they reported the loss of the card within the prescribed time frames. Unfortunately, the commentary to Reg E 205.6(s) says this: “Consumer negligence. Negligence by the consumer cannot be used as the basis for imposing greater liability than is permissible under Regulation E. Thus, consumer behavior that may constitute negligence under state law, such as writing the PIN on a debit card or on a piece of paper kept with the card, does not affect the consumer’s liability for unauthorized transfers.”
NOTE: This recording will NOT address Visa or MasterCard zero liability rules; only the Federal Reg E dispute provisions are included. The CFPB announced on January 26, 2018 that the changes to Regulation E and Z for the Prepaid card rule has an effective date of April 1, 2019. The dispute procedures for prepaid card rules will not be included in this session.
You’ll receive a detailed manual and slides that serves as a resource long after viewing the recording.