YOUR ACCOUNT SECURITY, FRAUD, & REGULATION E

Fraud is always a concern, especially in today’s new digital world. We have the convenience of banking while using a personal computer or mobile device, but what rules and regulations protect you from fraudsters? Pearl Hawaii Federal Credit Union offers several innovative and secure online and mobile services to make your life even easier. Security is one of Pearl Hawaii’s top priorities. Here are some resources to help you stay safe online.

PROTECTIONS UNDER REGULATION E

Regulation E, also known as the Electronic Fund Transfer Act (EFTA), outlines the rights, liabilities, and responsibilities of consumers that use electronic services. Additionally, Regulation E or Reg E refers to a set of federal rules that protect consumers who use electronic fund transfers (EFTs). For example, EFTs are any transactions that involve computers, phones, or magnetic strips and enable Pearl Hawaii Federal Credit Union to debit a members’ account.

COMMON EFTs:

Direct Deposits
Debit Card Transactions
Automated Teller Machine (ATM) Transactions
Pre-Authorized Withdrawals
Overdraft
Point of sale transfers
Telephone transfers

Essentially, Regulation E will protect members from unauthorized transactions and help resolve transaction errors. If someone uses your debit or ATM card before you report it lost or stolen, how quickly you report it to Pearl Hawaii Federal Credit Union will determine your liability. The sooner you report that you lost or there is fraud on your card, the less liability there is for you.

FRAUD AND YOUR POTENTIAL LOSS

In essence, under Reg E, a consumer has 60 calendar days to report an unauthorized transaction. The time period starts with the date you receive the first statement containing the transaction. In any event that you face a lost or stolen ATM or debit card or see a fraudulent transaction, inform Pearl Hawaii immediately.

FRAUD NOTIFICATION TO FINANCIAL INSTITUTIONS & MEMBERS’ POTENTIAL LOSS

Before any unauthorized charges have been made- $0
Within 2 business days after you find out about the loss or theft – $50
More than 2 business days after you find out about the loss or theft, but less than 60 calendar days after you receive your statement – $500
More than 60 calendar days after you receive your statement – All the money lost or stolen from your account. Potentially more if your account has a negative balance.