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If you ever send money to A and it actually goes to B, and for some reason the bank doesn't fix that the first time you get in touch with them, I recommend gett
by patio11 9y ago
If you ever send money to A and it actually goes to B, and for some reason the bank doesn't fix that the first time you get in touch with them, I recommend getting off the phone and escalating to an on-dead-tree letter:
Dear BigBank Legal Department:
This is written notice under Regulation E that BigBank has processed the following electronic transaction in error:
(Brief recitation of transaction details.)
You are required to investigate this matter within 10 business days of your receipt of this letter and provide me written confirmation of the results of your investigation. My desired resolution is a deposit of $XXX into my checking account with last four digits 1234.
Regards,
$YOU
You really want BigBank to put into writing "We think we've satisfied our obligation to you because you told us to send it to your mother and instead we sent it to somebody in Cincinatti; that was totes reasonable." Or, rather, you want a lawyer at BigBank to say "Eff no I am not putting that in writing; pay him $300 and charge it off to operational losses, that's what that budget is for."
- arkades 9y agoPlease elaborate, what is regulation E?
- patio11 9y agoYou've asked a question which is approximately "What is a garbage collector?" in terms of depth. Here's the short answer: it's a regulation about electronic funds transfers that US financial institutions, including every bank which offers Zelle, are obligated to uphold. There is a longer version of this answer; your life will probably not be materially improved by knowing it, but you can Google and read at your leisure.
- saulrh 9y agoTo be sure, is this [1] the part of the regulation that's being invoked by that letter? 1: https://en.wikipedia.org/wiki/Electronic_Fund_Transfer_Act#EFT_Errors https://en.wikipedia.org/wiki/Electronic_Fund_Transfer_Act#E...
- bradleyjg 9y agohttps://www.consumerfinance.gov/eregulations/1005 https://www.consumerfinance.gov/eregulations/1005
- JumpCrisscross 9y ago> This is written notice under Regulation E that BigBank has processed the following electronic transaction in error Do we know if Reg E [1] applies to Zelle? A safer bet is likely writing to your state financial services regulator. [1] https://www.fdic.gov/regulations/laws/rules/6500-500.html#fdic65001005.3 https://www.fdic.gov/regulations/laws/rules/6500-500.html#fd...
- patio11 9y agoI work at a financial institution with some professionals who will get very cross with me if I apply the requirements of a statute to the facts of a particular banking product. Let me just observe that, separate from the legal issue, it is unlikely as a matter of business practice that any lawyer working for a financial institution would commit that position to paper.
- deleted 9y ago[deleted]
- rkho 9y agoI read this comment and the first thing that it reminded me of was @patio11's post on contacting banks after the Equifax breach, and so I was about to dig it up to post as a comment when I realized who the GP was :)
- lemonberry 9y agoIs this the post you're referring to? https://www.kalzumeus.com/2017/09/09/identity-theft-credit-reports/ https://www.kalzumeus.com/2017/09/09/identity-theft-credit-r...
- rkho 9y agoIt is!
- djsumdog 9y ago> somebody in Cincinnati I love how my old city gets mentioned randomly a lot .. like the first episode of BoJack Horseman with the Penguin.
- deleted 9y ago[deleted]
- joncrane 9y agoI hope this method is still effective given who's in charge of the CFPB. I'm pretty sure they're responsible for enforcing Reg E for the largest banks (correct me if I'm wrong).