Q: Do private network rules, such as provisions that a transfer is final and irrevocable, impact whether a P2P credit-push transfer meets the Regulation E definition of unauthorized EFT?
A: No. Although private network rules and other commercial agreements may provide for interbank finality and irrevocability, they do not reduce consumer protections against liability for unauthorized EFTs afforded by the Electronic Fund Transfer Act. See 15 USC 1693g(e). Moreover, no agreement between a consumer and any other person may waive any right provided by the EFTA. See 15 USC 1693l. Accordingly, any financial institution in this transaction must comply with the error resolution requirements discussed in Electronic Fund Transfers Error Resolution Question 2
, as well as the liability protections for unauthorized transfers.