Legal Ease is a ‘question of the week’ chosen from actual calls and emails received by our compliance team. Specific questions posed by community bankers are answered in an easy to understand format. Citations to relevant regulations and commentary are routinely provided. A ‘compliance tip’ is usually included at the bottom of each Legal Ease as a best practice or something to watch out for. Past Legal Ease are included in a searchable archive here.
Question of the Week
A customer had her Venmo account compromised. Once compromised, three transactions totaling $3,000 were debited from her Venmo account. Because she linked her debit card, the money was taken from her XYZ bank account, through her debit card, using Venmo. Can she dispute this under Regulation E, and is the bank liable?
Learn the answer here