Re:Big U.S. Banks Are Stiffing Account Takeover Victims
by kevin_thibedeau on Friday October 07, 2022 @06:10PM
(#33127476)
That's what makes this particularly galling since Zelle is just a frontend to ACH.
Re:Big U.S. Banks Are Stiffing Account Takeover Victims
by kylehotchkiss on Friday October 07, 2022 @07:48PM
(#33128382)
Is regulation E new (in the past decade)? I had a fraud related issue on Simple.com about 10 years back where Kroger decided to keep erratically billing my debit card up until it hit $1000 (I went in and spent probably $20 and their payments system seemed to just go haywire) and I asked their support for help. It took a month to get money back. That was my final straw with debit cards.
Re:Big U.S. Banks Are Stiffing Account Takeover Victims
by NovemberWhiskey on Friday October 07, 2022 @07:53PM
(#33128413)
No; it's originally from the late 70s - I don't know exactly when the various provisions relating to error handling got introduced, to be honest; it's possible it was somewhat different back then.
What's your source on that? As far as I know, Regulation E generally requires banks to make good on errors in electronic fund transfers (including ACH transfers for which the customer is not liable) within 10 days of being notified. That can be in the form of a provisional credit while an investigation is ongoing, though.