Skip to main content

Search

Consumer Banking and Payments Law: A-37 Model Form for Error Resolution and Cancellation Disclosures (Short) (§ 1005.31(b)(2)(iv) and (vi))

You have a right to dispute errors in your transaction. If you think there is an error, contact us within 180 days at [insert telephone number] or [insert website]. You can also contact us for a written explanation of your rights.

You can cancel for a full refund within 30 minutes of payment, unless the funds have been picked up or deposited.

For questions or complaints about [insert name of remittance transfer provider], contact:

Consumer Banking and Payments Law: Appendix C to Part 1005—Issuance of Official Interpretations

Official Interpretations

Pursuant to section 916(d) of the Act, the Bureau has designated the Associate Director and other officials of the Division of Research, Markets, and Regulations as officials “duly authorized” to issue, at their discretion, official interpretations of this part. Except in unusual circumstances, such interpretations will not be issued separately but will be incorporated in an official commentary to this part, which will be amended periodically.

Consumer Banking and Payments Law: Introduction

Regulation E and commentary was initially promulgated by the Federal Reserve Board (FRB). As of 2010, the Consumer Financial Protection Bureau (CFPB) has authority to issue Regulation E and its official interpretations. See Pub. L. No. 111-203, tit. X §§ 1084(2), 1100H, 124 Stat. 2083, 2113 (July 21, 2010). On December 27, 2011, the CFPB issued its version of Regulation E and its interpretations. See 76 Fed. Reg. 81,023 (Dec. 27, 2011).

Consumer Banking and Payments Law: 2(a) Access Device

1. Examples. The term “access device” includes debit cards, personal identification numbers (PINs), telephone transfer and telephone bill payment codes, and other means that may be used by a consumer to initiate an electronic fund transfer (EFT) to or from a consumer account. The term does not include magnetic tape or other devices used internally by a financial institution to initiate electronic transfers.

Consumer Banking and Payments Law: 2(b) Account

1. Consumer asset account. The term “consumer asset account” includes:

i. Club accounts, such as vacation clubs. In many cases, however, these accounts are exempt from the regulation under § 1005.3(c)(5) because all electronic transfers to or from the account have been preauthorized by the consumer and involve another account of the consumer at the same institution.

Consumer Banking and Payments Law: 2(d) Business Day

1. Duration. A business day includes the entire 24-hour period ending at midnight, and a notice required by the regulation is effective even if given outside normal business hours. The regulation does not require, however, that a financial institution make telephone lines available on a 24-hour basis.