Question: Does Regulation E place any restrictions on lenders in connection with one-time electronic fund transfers (EFTs)?
Answer: Regulation E establishes specific requirements for preauthorized EFTs, which are automated payments that the consumer authorizes to take place on a recurring basis. However, it does not impose authorization requirements for one-time EFTs.
Question: Should lenders obtain written authorization from the consumer for each one-time debit card payment even though Reg E doesn’t impose any requirements upon lenders for one-time EFTs? What about one-time payments by ACH?