Regulation E Software
Regulation E (Reg E) protects consumers who use EFTs, including granting them the right to file error claims that must be investigated and resolved within certain time frames.
For years, a financial institution’s only option of complying with Reg E was to use a manual process for handling errors. Whether internal forms or excel spreadsheets were utilized, handling the claims and tracking the process has been tricky. Back-end costs include:
- A slowdown in work processes
- Miscalculation of customer’s liability
- Potential penalties for violating requirements of Reg E
WatchDOG® for Reg E:
- Provides greater assurance claim processing adheres to regulatory requirements
- Assists employees in obtaining critical information for determining an actual error or customer liability
- Reduces training significantly
- Lowers paper-based documentation significantly
- Eliminates the need to reimburse the full transaction amount by, preventing overpayment
- Ensures the customer receives full reimbursement as required by the law preventing underpayment
- Provides tracking of all applicable timeframes, allowing completion of a more thorough investigation
Minimize losses and ensure Reg E compliance with WatchDOG for Reg E.