Reg E Dirty Dozen True False

Question 1

Reg E classifies both failure to include a transfer on the periodic statement and a consumer request for additional information as errors.

Answer 1

True

Question 2

A DFI must respond to a notice of an error by either resolving it within 10 Business Days or recrediting the customer account during a 45 day investigation

Answer 2

True

Question 3

Reg E allows exactly twice as long to resolve POS errors or EFTs that are not initiated within a state as preauthorized EFT errors

Answer 3

True

Question 4

A DFI must provisionally recredit a customer account even if it required written confirmation following oral notice of an error and the customer did not provide it.

Answer 4

False - do not have to provisionally recredit customer

Question 5

DFIs have two business days to correct confirmed errors

Answer 5

False - one business day

Question 6

DFI may not notify consumers of corrected errors via the periodic statement

Answer 6

False - May be notified by Periodic Statement

Question 7

If loss theft of access device is not reported within two Business Days, the consumers liability will exceed $50 if financial institution establishes that unauthorized transactions would not have
occurred if loss theft had been appropriately reported.

Answer 7

True

Question 8

DFI has three business days after completing its investigation to report the results to the consumer.

Answer 8

True

Question 9

Reg E requirements for notices of varying amount and stop payment for recurring payments are the same as Nacha requirements.

Answer 9

False

Question 10

Government initiated transfers and passbook accounts are exempt from Reg E disclosure requirements.

Answer 10

False - they are not exempt

Question 11

If an FI is small asset size of $100 million or less, debits and credits it receives are exempt from Reg E disclosure requirements.

Answer 11

True

Question 12

Reg E covers all ACH commercial transactions

Answer 12

False - Consumer Transactions