Stop Pays Susceptible To Reg E
I understand this is certainly a fundamental concern but can somebody explain stop payments that are at the mercy of Reg E?
Reg E – Stop Pays on Preauthorized Transfers
Can you offer an interpretation of Reg E area 205.10? It states, “the standard bank must honor an dental stop-payment order made at the very least three company times before a planned debit. In the event that debit product is resubmitted, the organization must continue to honor the stop-payment purchase”. It further states under revocation of authorization “once the lender has been notified that the customer’s authorization isn’t any longer valid, it must block all future payments for the specific debit sent because of the designated payee-originator. ” Could be the bank covered if their policy is always to put an end re payment for a certain time period? (more…)