Skip to content
View all posts

Regulation E - Consumer Rights and Responsibilities

No matter how careful you are with your financial information, you should always be on guard and watch for any type of unusual activity on your accounts. At some point when reviewing your monthly bank statements or online banking activity, you may notice a purchase you didn't make. What should you do next?

The first step is to contact your financial institution immediately if you suspect any unauthorized activity on your account. If the transaction was made using a debit card or other electronic fund transfers, you may have additional protections under federal law. Regulation E establishes the basic rights, liabilities, and responsibilities of consumers who use electronic funds transfer services of financial institutions. Electronic funds transfers include ATM transactions, direct deposits, direct payments, and point-of-sale transactions. Regulation E only covers consumer accounts, it does not cover business accounts. If you are a consumer who uses any of the above listed services, read on to find out how you can avoid personal financial loss due to unauthorized transactions.

  1. Review your bank statements. You must report any discrepancies to your financial institution. You have 60 days from the time your statement cuts to contact your financial institution to avoid possible financial losses.

  2. Know the location and pin number of your debit card. If you cannot find your debit card or remember your pin number, you must report it to your financial institution. Reporting your card lost or stolen within 2 business days will protect you from personal financial loss.

  3. Use the tools provided by your bank. Regional Missouri Bank offers internet banking services, including mobile banking, which is the same great internet banking service in an app form on your phone! You can review transactions daily to help you find any transactions you don’t recognize. Regional Missouri Bank also offers a free debit card app called SecurLOCK Equip. Once you enter your card information on this app, you can receive alerts, restrict certain types of transactions and locations, and turn your debit card on and off.

  4. Watch out for “free” trials. You may see a deal on the internet that seems too good to be true. Well, it probably is. Many places offer a service or product free or at a low cost for a certain number of days. However, if you do not cancel the service within the allotted time, you will start being charged the full price. Be sure and read the terms and conditions to make sure you understand what the company will charge. Since these services require to you agree to their terms and conditions, you may be liable for these charges.

If you notice any unauthorized transactions, your card is lost or stolen, or you have questions regarding possible bank fraud, call Regional Missouri Bank at (800)-748-7336, or after regular hours call toll-free at (888)-263-3370. If you need any further assistance, please contact any of our nine branch locations.