Regulation E Policy Update

Regulation E Policy Template Update - 12/14/06

Bankpolicies.com is proud to announce the immediate availability of our revised Regulation E Policy Template product:

The revision to this product is in response to the Federal Reserve's Press Release dated November 27, 2006 that announces its approval of a final rule regarding consumer authorization requirements when a person, such as a merchant, seeks to electronically collect a fee for checks or other items that are returned unpaid. The final rule clarifies that the requirement to obtain the consumer's authorization applies to the person seeking to electronically collect the returned item fee. The rule contains additional provisions related to the consumer's authorization and the content of notices that must be given to the consumer.

http://www.federalreserve.gov/boarddocs/press/bcreg/2006/20061127/default.htm

The effective date of the final rule is January 1, 2007, consistent with a previously issued January 2006 final rule; however, certain provisions regarding the content of notices that must be provided to consumers in point-of-sale transactions will have a delayed compliance date of January 1, 2008.

What's Revised

Topic 4 - Regulation E Requirements. The following subtopics were revised:

Collection of Returned Item Fees via Electronic Fund Transfer. A new second paragraph was added, and the first and third paragraphs of item 1. (Point of Sale Transactions) were revised.

Fees Imposed by Account Holding Institution. The entire paragraph was revised.

Accounts Receivable Transactions. The entire paragraph was revised.

In addition, Item 4. (Disclosure of Dollar Amount of Fee for POS Transactions) and Item 5. (Third Party Providing Notice) were added.

Product Contents

Purpose and Contents - Topic 1

Policy Statement - Topic 2

Definitions - Topic 3

Regulation E Requirements - Topic 4

Access Device - Topic 5

Payroll Card Accounts - Topic 6

Customer Disclosures - Topic 7

Preauthorized Transfers - Topic 8

Documentation of Transfers - Topic 9

Electronic Terminal Receipt - Topic 10

Automated Teller Machine Disclosures - Topic 11

Error Resolution - Topic 12

Customer's Liability for Unauthorized Transfers - Topic 13

Liability for Unauthorized VISA Point of Sale Debit Card Transactions - Topic 14

Civil Liability - Topic 15

Provisional Credit and Transaction Reversal - Topic 16

Electronic Communication Requirements - Topic 17

Staff Training - Topic 18

Retention of Documents - Topic 19

Includes the following form templates:

Regulation E Affidavit of Unauthorized EFT Activity (3 pages)

Regulation E Dispute Letters (2 pages)

Regulation E Dispute Resolution Log (1 page)

Regulation E Sample Error Resolution Notice on Periodic Statements (1 page)

Regulation E Sample Initial and Annual Error Resolution Notice (1 page)

Regulation E Sample Initial Disclosure (3 pages)

Regulation E Sample Payroll Card Account Disclosure (1 page)

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$250.00 - List Price

- or -

$25.00* - Update Price

*Applies only to clients who have purchased our Regulation E Policy Template in addition to the following prior updates (if applicable):

Regulation E Policy Template Update - 09/20/06 - $25.00

Regulation E Policy Template Update - 01/18/06 - $100.00

If you have ordered this product after 11/14/06 you are eligible to receive the updated product at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the list or update price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.