Electronic Funds Transfer

Electronic Funds Transfer Act and Regulation E


The Electronic Funds Transfer Act and Regulation E establish the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer services and financial institutions that offer these services. The primary objective of the Act and regulations is the protection of individual consumers engaging in electronic fund transfers, which include most consumer transactions processed online. Regulation E imposes specific duties and timing requirements on the bank investigating electronic fund transfer errors and requires consumers to report unauthorized transactions or errors no later than 60 days after the bank sent the first statement on which the problem or error appeared. It is for this reason that we encourage you to immediately review your periodic account statements and to regularly monitor your account activity online. For more detailed information on the protections provided by Regulation E see the "Disclosure Statement Required by Electronic Fund Transfer Act" provided to you at account opening and the section of your periodic statement entitled "In Case of Errors or Questions About Your Electronic Transfers."