Policies and Procedures Important in Lost-Stolen Card Situation
The NCUA’s consumer compliance area has said that among the most common complaints it receives are those related to Regulation E, which governs electronic funds transfers.
Recently, I taught a session on Regulation E at a debit card school in Boston hosted by debit consulting firm PayFusion. The participants, each of whom represented credit unions, had varying levels of experience with unauthorized transactions on debit cards. As well, they had a wide range of policies and procedures in place to investigate these occurrences.