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Your Rights and Responsibilities What you should know about Electronic Payments. When you take advantage of electronic payments, you have more account protection than by using paper checks. There are rules and regulations that provide the consumer with specific rights and safeguards when using electronic payments. Electronic payments, including electronic checks, are covered by the Federal Reserve's Regulation E. This regulation defines specific consumer rights and protections from error and fraud. There is no comparable Federal regulation covering paper check payments. How to Protect Yourself You have the right to a copy of any authorization form you sign to initiate an electronic payment to your account. Authorizations should conspicuously state the amount and date of the payment and the name of the company with which you have made the agreement. You should keep a copy of each authorization for your records. You have the responsibility to contact the company to cancel authorization. The procedure for canceling your authorization should be explained on your authorization form. If it is not, contact a customer service representative at the company for assistance. You have the right to be re-credited for debits that you did not authorize. Check your account statement often to verify that all deposits and withdrawals are correct. If you identify an error, contact your financial institution immediately to make a report. You may be asked to sign a written statement to return the unauthorized item. You have the responsibility to notify your financial institution immediately if you notice an error on your statement. Once you receive your statement, you will have 60 days to report any errors. Your financial institution will investigate the report and follow-up with an appropriate action. See the back of your account statement for more information about what steps to take. |