What is a Reg E Claim?
The name comes from the Federal Regulation E that governs ATM transactions. If a customer does not receive the requested amount from the transaction, he/she will file a Regulation E claim with their financial institution. Once filed, the claim is sent to the ATM vault cash owner via email. The vault cash owner must provide to the networks, within the allotted time (typically ten days), the journal tape showing the transaction. Failure to provide sufficient documentation in the allotted time will result in full refund, plus surcharge, to the customer.
- Supported transaction refunds will be deducted from the vault cash account. All network refunds incur hefty network refund fees, also charged to the vault cash owner.
- Ensure that your ATM provider has a dispute department; telling a customer to go to their bank after the ATM failed to dispense is just bad business.
- Filing a false Reg E Claim is a crime and punishable by law. The most important thing to the merchant is never to give money to the customer without first checking with National ATM Systems.