Regulation E Protections
The Bureau of Consumer Financial Protection’s Regulation E, which implements the Electronic Fund Transfer Act, establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer and remittance transfer services, and of financial institutions or other persons that offer these services. This framework provides consumers with certain protections. A "consumer" means a natural person. Regulation E protections apply to consumer accounts established primarily for personal, family or household purposes. The main objective of the Act and Regulation E is the protection of individual consumers engaging in electronic fund transfers and remittance transfers.
The term “electronic fund transfer” (“EFT”) generally refers to a transfer of funds initiated through an electronic terminal, telephone, computer, or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer's account. Examples of ETFs include point-of-sale (POS) transfers, purchase transactions made using a debit card, automated teller machine transfers, preauthorized transfers such as direct deposits, or withdrawal of funds. Also, transactions performed using Cross River Bank’s Online Banking services are covered under Regulation E.
Regulation E has several consumer protections. For more information regarding Regulation E protections for your personal account(s), please refer to the relevant account related agreements, documents and/or disclosures (e.g. Deposit Account Agreement, Electronic Fund Transfer Disclosure, Loan Agreement, Internet Banking Terms and Conditions Agreement).
Please note that non-consumer accounts offered by Cross River Bank (e.g. business banking or commercial customer accounts) are not protected by Regulation E. Please refer to relevant account related agreements, documents and/or disclosures (e.g. Business Deposit Account Agreement, Business Online Banking Customer Agreement).