Electronic Funds Transfer
According to the FDIC law, regulations, and related acts 6500 (consumer protection) Part 205 (electronic fund transfers) Sections 1-18, the primary objective of Regulation E is to protect individual consumers engaging in electronic fund transfers (EFT). Regulation E, under the Electronic Fund Transfer Act, provides a framework that establishes the rights, liabilities, and responsibilities of those participating in EFT such as ATM transfers, bill payment services, point-of-sale transfers in stores, and preauthorized transfers including direct deposit and Social Security payments. Regulation E covers an individual consumer who authorizes a financial institution to electronically transfer funds to debit or credit his/her account.
Under Regulation E, a consumer is not responsible for any unauthorized EFT involving the consumer’s account only they have complied with the disclosed requirements, including reporting time of the unauthorized transfer and other conditions are met by the consumer (see 205.7b(1)(2)(3)). If a consumer abides by these timelines and reporting guidelines, the consumer will not be held responsible for unauthorized transfers. A consumer may be liable for unauthorized EFT if they did not follow specific criteria including: loss limited to $50 if consumer notified financial institution within two business days, loss could be up to $500 if consumer did not notify financial institution within two business days, or loss could be unlimited including maximum over draft if any if consumer did not notify financial institution within 60 business days.
In case of errors or questions about your electronic transfers, call or write us at the telephone number or address listed below, as soon as you can, if you think your statement or receipt is
wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
Tell us your name and account number (if any).
Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.
We will determine whether an error occurred within 10 business days (5 business days if involving a Visa transaction or 20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transactions, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (5 business days if involving a Visa transaction or 20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. An account is considered a new account for 30 days after the first deposit is made, if you are a new customer.
We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.
You may ask for copies of the documents that we used for our investigation.
For problem resolution call:
703-777-6327 or 877-369-5200
ATTN: EFT Resolution Dept.
106 Catoctin Circle SE
Leesburg, VA 20175
Our business days are Monday – Friday, holidays not included.
For more information on Regulation E, you may visit the FDIC website: http://www.fdic.gov/regulations/laws/rules/6500-3100.html