Regulation E Policy for LAP Cards
Last Updated: 8/21/2023
1. Purpose & Scope
This policy ensures iRewardify’s compliance with Regulation E (Electronic Fund Transfer Act) for Loadable Account Payment (LAP) cards, covering consumer protections, unauthorized transactions, and error resolution.
2. Consumer Protections
- Consumers are protected against unauthorized transactions if reported in a timely manner.
- Clear disclosures of fees, terms, and conditions must be provided before issuing LAP cards.
- Periodic statements, transaction history, and balance inquiries must be accessible.
3. Unauthorized Transactions & Liability
- Consumer liability for unauthorized transactions is subject to the issuing bank’s policies.
- Reports of unauthorized use must be made promptly to limit consumer liability.
4. Error Resolution
- Errors must be reported within 60 days of the transaction appearing on a statement.
- Investigations should be completed within 10 business days, with provisional credit provided if additional time is needed.
- Consumers must be informed of resolution outcomes in writing.
5. Compliance & Monitoring
- Regular audits and employee training will ensure adherence to Regulation E.
- Violations may result in corrective actions as per regulatory requirements.
6. Policy Updates
This policy will be reviewed periodically and updated to align with Regulation E and issuing bank policies.
For inquiries, contact iRewardify
Note: iRewardify's policies and procedures are subject to change with prior notice. We are committed to keeping our clients informed and will provide timely notifications regarding any updates or modifications. Our goal is to ensure transparency and maintain compliance with industry standards while continuously improving our services.
