Regulation E
Date: Tue, 03/21/2006 - 04:11
I am up early this morning mapping out my plan for the day. My credit union has been giving me a hard time about stopping payment on prearranged electronic withdrawals that are now in consolidation. Someone here on the forum directed me to Regulation E. I did some research on it and it seems to say that the banks must stop payment on these withdrawals at the customer's request. But before I go back to the bank today and mention this I was wondering if anyone else had any more info on Regulation E or if you could confirm that my interpretation is correct.
I am not very much aware of Regulation E, however whatever idea
I am not very much aware of Regulation E, however whatever idea I have gathered from reading different articles on the net is that, bank or financial institutions should honor all the requests (verbal/written) of the consumer. If you tell them to block a particular company, they should inquire the reasons behind. If you have legit reason for this, they should cooperate with you.
Please go through the page below-
bankersonline.com/regs/205/205-10.html
It states that consumers have the right to stop preauthorized debits. Then you obviously have the right to stop unauthorized debits, right? Keep us posted.
