Description
13min
This course explains Regulation E’s requirements for authorizing a preauthorized electronic fund transfer from a consumer’s account. It also describes prohibitions on compulsory use of preauthorized transfers to pay loans and provisions related to consumer’s right to stop payment of a preauthorized electronic fund transfer.
Audience: Any frontline or back office personnel responsible for managing preauthorized transfers including direct deposit.
Objectives:
- Define a preauthorized transfer
- Explain disclosure requirements
- Clarify stop payment rules
This course is part of the ABA Frontline Compliance program.