Good Morning, Online banking laws have reached the forefront of consumers' minds of late mostly because the use of online banking has skyrocketed. Many of us check our daily transactions and balances online several times daily, to ensure our debits and credits have been properly recorded. For the safety and protection of both consumers and the banking institutions, there are online banking laws.
ATM and Overdraft Fees Consumers have the option to participate in online banking overdraft coverage or insurance. For example, a person might be able to set aside money in a savings account with overdraft protection so that if and when his checking account becomes negative, the banking institution can take money from the savings account to cover the overdraft amount. If the individual does not participate in overdraft protection, per online banking laws, the bank may charge $20 for each overdraft. The bank can also charge $20 for every day after the fifth day that the consumer's account remains in negative balance. Identity Theft In a case where an individual may have an unauthorized debit from her bank account, the bank must investigate this situation. Per online banking laws, an individual with a fraudulent transaction on her bank statement must make a written notification of this action to the bank within 10 days. Once the bank receives the written notification, the bank, per online banking laws, must investigate within 10 days. The bank has 45 days to complete the investigation. At the completion of the investigation, the bank will need to either credit the person's account or withhold a maximum of $50 from the amount of the transaction. Consumer's Rights Online banking laws include those that protect consumers' rights. For example, a consumer has the right to stop payment of a pre-authorized electronic fund transfer. The individual can do so by notifying the financial institution, or bank, either verbally or in writing at least three days before the scheduled transfer. In the situation where someone has his car loan payment automatically deposited from his bank account, that person can stop the automatic withdrawal if he contacts the bank at least three days before the scheduled date of deposit. @HG.org Regards, Srinivas Naik -- You received this message because you are subscribed to the Google Groups "nforceit" group. To post to this group, send an email to [email protected]. To unsubscribe from this group, send email to [email protected]. For more options, visit this group at http://groups.google.com/group/nforceit?hl=en-GB.
