CFPB EFT FAQ Error Res 1 – What is an error for purposes of EFTA and Regulation E?

Compliance > Regulation E - EFTA
Q:  What is an error for purposes of EFTA and Regulation E?
 
A:   An error under EFTA and Regulation E includes any of the following:
 
  • An unauthorized EFT.
  • An incorrect EFT to or from the consumer’s account.
  • The omission from a periodic statement of an EFT to or from the consumer’s account that should have been included.
  • A computational or bookkeeping error made by the financial institution relating to an EFT.
  • The consumer’s receipt of an incorrect amount of money from an electronic terminal.
  • An EFT not identified in accordance with the requirements of 12 CFR 1005.9 or 1005.10(a).
  • A consumer’s request for any documentation required by 12 CFR 1005.9 or 1005.10(a) or for additional information or clarification concerning an EFT (12 CFR 1005.11(a)(1)).
 
The term “error” does not include:
  • A routine inquiry about the consumer's account balance;
  • A request for information for tax or other recordkeeping purposes; or
  • A request for duplicate copies of documentation.
 
Comment 11(a)-6.
 
 
This Q&A was contained in the CFPB’s Electronic Fund Transfers FAQs that were updated in December 2021 (which may be updated from time to time).  This may be found on the CFPB’s website here:  https://www.consumerfinance.gov/compliance/compliance-resources/deposit-accounts-resources/electronic-fund-transfers/electronic-fund-transfers-faqs/
 

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