Reg E Preauthorized Transfers
Course Number: ABA
Course Code: ABA
Explains the requirements to authorize a preauthorized electronic fund transfer from a consumer’s account. Describes compulsory use and the stop payment of a preauthorized electronic fund transfer, including notification to the bank orally or in writing.
What You’ll Learn
After completing this course, students will be able to:
- Define a preauthorized transfer
- Clarify the stop payment rules applicable to preauthorized transfers from an account
- Explain the disclosure requirements for preauthorized transfers
Audience: Any frontline or back office personnel responsible for managing preauthorized transfers including direct deposit.