Electronic Fund Transfer Act (Reg E)


Description: Electronic Fund Transfer Act (Reg E) covers the requirements of Regulation E that apply to customer contact personnel as well as those who may handle and process Reg E claims. This course teaches how to recognize a Reg E error and the timeframe for responding to such errors. It also covers the rules applicable to the issuance of access devices, periodic statement requirements, and ATM receipts. This course covers the Reg E overdraft rules that prohibit financial institutions from charging consumers fees for paying overdrafts on automated teller machine (ATM) and one-time debit card transactions and how whether the consumer chooses to opt in or not affects these types of transactions. It also discusses the rules applicable to payroll cards and gift cards and the consumer protections applicable to both. The newest Reg E rules covering foreign remittance rules are covered in a separate course: Consumer Remittance Rule. 


Audience: All Frontline Employees.


Learning Objectives: After completing this course, students will be able to:

  • Describe the requirements regarding issuance of access devices
  • Describe the disclosures required by Regulation E
  • Describe the requirements related to preauthorized transfers 
  • Define an electronic funds transfer error 
  • Explain how to handle inquiries about liability
  • Explain the Regulation E rules pertaining to the assessment of overdraft fees
  • Discuss key topics relating to gift cards and payroll cards