What is a descriptive statement?

, which is commonly issued by a financial institution, will provide a descriptive statement with the account holding of all electronic transactions that are found on his account for the period to which the statement usually referred to in the chronological order and grouped in the transactions categories. These transactions will include payments initiated from the account, all electronic deposits, all selections and related fees. Normally, all transactions that do not have a physical item attached or closed, such as control, listed in the descriptive statement. Within the Regulation E Commission for Securities and Exchange (SEC) in the United States, all financial institutions must provide account holders every month in which electronic transaction takes place. If you do not do so, this can lead to fines and sanctions.

According to the E Regulation within the SEC, electronic transactions will include debit card transactions, ATM transactions, or any transfer of initiated electronically without the help of an operator or teller. In pRome, that the account does not have electronic transfers, the financial institutions will have to send only a statement every quarter. Regulation E is written specifically for managing transfers of electronic funds (EFT) and has been elaborated for the purpose of implementing the Act on the transfer of the electronic fund. The Act on the transfer of electronic funds, which is introduced to outline the rights, obligations and privileges for consumers using EFT and financial institutions offering such services, to protect consumers. The issuance of the descriptive statement serves as needed to publish the account holder.

Publication under Regulation E requires that the information about the descriptive statement be brief, easy to understand and in writing and allows the customer to keep a copy for their records. Therefore, a descriptive statement of paper is usually issued, often sent by mail. If a financial institution wants to send an electronically statement, the owner's consent is requiredthe account. However, a financial institution is allowed to combine various publication and statements from multiple accounts to reduce waste.

account holders also have obligations under Regulation, including an immediate announcement of the financial institution on unauthorized EFT transactions. The account holder must provide the notice in person, in writing or by telephone within 60 days of the financial institution has transferred a descriptive statement. This notification is binding regardless of whether the representative actually reply and answer. Failure to comply with the 60 -day rule leads to responsibility for the transaction holder, but nothing more. However, a thorough reading of the descriptive statement provides most consumers the possibility to capture unauthorized transactions in time.