Regulation E: 11. Preauthorized Transfers

A preauthorized electronic fund transfer is an EFT authorized in advance to recur at regular intervals. It could either be a credit to, or a debit from, and account. Examples would include your paycheck getting directly deposited. A preauthorized debit might be automatic monthly bill pay for your water bill. In this course, we'll look at what Regulation E has to say about these types of repetitive, preauthorized transfers. We'll go over the rules for when money is transferring either to or from a consumer's account. We'll also talk about stopping payments and notice of transfers in varying amounts.