We are a small firm who have been victims of electronic fraud. The bank is demanding that we repay $84,000, however we feel we are protected by Regulation E. Please advise.
The Electronic Fund Transfer Act and Federal Reserve Board Regulation E provide protection for accounts opened and operated primarily for personal, family or household use -- consumer accounts. Business accounts are not covered.
You may have other recourse against the bank for unauthorized electronic transactions. You should consult an attorney for guidance.
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The Electronic Fund Transfer Act and Federal Reserve Board Regulation E provide protection for 