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April 2012
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Regulation E: Protects Consumer Using EFT Systems

Millions of people shop online every day because it is more convenient. You can get the goods you want fast and easy through online shopping. But is it really safe to shop online? There are already lots of cases of fraud or unauthorized fund transfer being reported due to either bank accounts being hacked or identity theft.

In USA, they have what they call Regulation E. It is a Federal Reserve regulation that sets rules, liabilities, and procedures for electronic funds transfers (EFT), and establishes consumer protections using EFT systems. It’s a guideline for those who sell and issue electronic debit cards.

A consumer whose bank account was debited erroneously without his or her authorization may challenge the transaction under the Error Resolution procedures in Regulation E. Once notice is given, the consumer’s bank has from 10 to 45 days to investigate the complaint and recredit funds debited in error.

So take note of this, if you encounter any problem regarding EFT don’t panic just remember Regulation E.

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