BIEASES Electronic Funds Transfer Act/ Regulation E Policy

For the United States

Last updated: January 22th, 2024

Overview

The Electronic Funds Transfer Act ("EFTA" or "the Act") was enacted in 1978 with the primary purpose of providing disclosures to consumers who use electronic fund transfer ("EFT") systems, and to provide consumers with limitations on liability for unauthorized EFTs. Implemented by Regulation E (or "the Regulation"), the EFTA establishes the basic rights, liabilities, and responsibilities of consumers who use electronic fund transfer services and remittance transfer services and the financial institutions that offer these services. The Dodd-Frank Act granted rule making authority under the EFTA to the Consumer Financial Protection Bureau ("CFPB") and, with respect to entities under its jurisdiction, granted authority to the CFPB to supervise and enforce compliance with the EFTA and its implementing regulations including Regulation E.
The Dodd-Frank Act also amended the EFTA and created a new system of customer protections for remittance transfers sent by consumers in the United States to individuals and businesses in foreign countries ("the Remittance Transfer Rule"). Specifically, the rule requires remittance transfer providers to establish policies and procedures for international remittances including the following: provision of disclosures prior to and at the time of payment by the sender for the transfer, cancellation and refund rights for customers, the investigation and remedy of errors by providers, and liability standards for providers for the acts of their agents, as applicable.
On October 1, 2017, the Act was further amended to extend Regulation E coverage to prepaid accounts (the "Prepaid Rule") and to adopt provisions specific to these accounts to include comprehensive consumer protections. The final rule modifies general Regulation E requirements to create tailored provisions governing disclosures, limited liability and error resolution, and periodic statements, and also adds new requirements regarding the posting of account agreements for prepaid accounts.
Sailing Union Capital Holding (DBA "BIEASES" or "the Company") recognizes the importance of satisfying the requirements of the EFTA and Regulation E when engaging in processes related to the prepaid accounts and international remittance transfer services that the Company offers to consumers through its platform. It is the policy of BIEASES to comply with the requirements of the EFTA and Regulation E that apply to its business activity, and as amended from time to time. This Policy directs Management to develop appropriate procedures to ensure compliance with the EFTA and Regulation E, and controls to prevent any violations of law, regulation, statute, or other requirement.
This Policy will refer to both the EFTA and Regulation E as "Regulation E."

Oversight and Implementation of Policy

The CCO is responsible for the implementation of this Policy and for ensuring that appropriate procedures and controls are implemented to ensure compliance with Regulation E, and to prevent any violation of law, regulation statute, or other requirement. CCO will coordinate with the appropriate business lines and functional areas and as deemed necessary to ensure that all impacted departments are aware of and have taken the necessary steps to implement this Policy.
The Compliance Department will conduct monitoring on at least an annual basis to ensure that BIEASES and its employees are complying with this Policy and to identify any weaknesses that need to be addressed to effectively minimize and prevent violations of Regulation E. The Board of Directors will maintain oversight of this Policy and must be informed of any deficiencies identified through compliance monitoring that require corrective action.

Policy Administration

At least annually, the CCO will review this Policy and recommend appropriate changes to the Board of Directors. The review will include feedback on the effectiveness of this Policy and will consider the results of any internal or external audits or examinations. Any interim changes to this Policy must be submitted to the CCO to determine if the changes are material enough to require approval from the Board of Directors.
No part of this Policy should be interpreted as contravening or superseding any other legal or regulatory requirement imposed on SUCH. Any conflicts between the standards of this Policy and the Company's other legal and compliance obligations should be escalated immediately to the CCO for further evaluation. If necessary, the CCO will engage internal/external legal counsel for interpretations of such obligations.

Regulation E – Scope and Coverage

Electronic Funds Transfer

General

An electronic fund transfer ("EFT") is any transfer of funds that instructs a financial institution to debit or credit a consumer's account, other than that originated by check, draft, or paper instrument. In general, an EFT must be initiated through an electronic terminal, telephone, computer, or magnetic tape. Examples of EFTs include, but are not limited to:

• Point-of-sale (POS) transfers
• Automated teller machine transfers
• Direct deposits or withdrawals of funds
• Transfers initiated by telephone, and
• Transfers resulting from debit card transactions, whether or not initiated through an electronic terminal

Exclusions

The term "electronic fund transfer" does not include:

• Checks
• Check guarantee or authorization
• Wire or other similar transfers
• Securities and commodities transfers
• Automatic transfers by account-holding institution, or
• Telephone-initiated transfers

Subpart A - Coverage and Applicability

Under Regulation E, a financial institution is any bank, savings association, credit union, or any other person that directly or indirectly holds an account belonging to a consumer, or that issues an access device and agrees with a consumer to provide electronic fund transfer services, other than a person excluded from the coverage of this part by section 1029 of the Consumer Financial Protection Act of 2010, title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 124 Stat. 1376. The requirements of subpart B of Regulation E apply to remittance transfer providers.
Regulation E applies to any electronic fund transfer that authorizes BIEASES to debit or credit a consumer's account. The requirements of the regulation apply only to covered accounts. Covered accounts, for purposes of Regulation E, are those for which an agreement for EFT services to or from the account has been entered into between:

• A consumer and BIEASES
• A consumer and a third party, when the account-holding financial institution has received notice of the agreement and the fund transfers have begun

Regulation E applies to all persons (including offices of foreign financial institutions in the United States) that offer EFT services to residents of any state, and it covers any account located in the United States through which EFTs are offered to a resident of a state, no matter where a particular transfer occurs or where the financial institution is chartered. Regulation E does not apply to a foreign branch of a U.S. financial institution unless the EFT services are offered in connection with an account in a state.
In conjunction with the Company's partner bank, BIEASES offers prepaid wallets to consumers. While the Company's partner bank is considered the "financial institution" subject to the requirements of Regulation E, BIEASES is responsible for carrying out the operational processes related to complying with all applicable provisions of the Regulation, including the Prepaid Rule. BIEASES and its partner bank do not jointly offer consumer deposit products or other services covered by Subpart A of Regulation E.

Subpart B – Coverage and Applicability

Regulation E identifies remittance transfer providers ("providers") as those financial institutions that consistently conduct over 500 remittance transfers per year. For purposes of the Rule, a remittance transfer is an electronic transfer of funds requested by a consumer to a designated recipient that is sent by a remittance transfer provider and that is more than $15. The consumer must be located in the United States and the funds transfer is sent to a person or business in a foreign country. These transfers may include different types of international transfers such as cash-to-cash money transfers, international wire transfers, international ACH transactions, and certain prepaid card transfers.
For transfers sent to an account, funds are considered to be physically received at a location outside of any state if the designated recipient's account is located outside of any state in the U.S. (foreign country). Transfers to U.S. military bases located in other countries are treated as "states," and are therefore considered domestic transfers, and not under the purview of the Remittance Rule.
Only consumer-to-consumer transfers and consumer-to-business transfers are covered under the Rule (Regulation E defines a "consumer" as a natural person). The following transactions are NOT covered under the Rule:

• Business-to-consumer transfers
• Business-to-business transfers
• Transfers where the consumer provides a checking account number directly to a foreign merchant, and the merchant subsequently initiates an ACH payment request from the consumer's bank
• Transfers of $15 or less
• Certain transfers in connection with the purchase or sale of securities
• Domestic transfers within the U.S. territory
• Transfers involving cryptocurrency

In conjunction with its partner bank, BIEASES provides remittance transfer services to consumers as defined by Subpart B of Regulation E covering the Remittance Rule requirements and is subsequently subject to those provisions of the Regulation.

Regulation E Requirements – Subpart A/Prepaid Accounts

Issuance of Access Devices

Solicited Issuance

An access device is a card, password, username, code, or other means of access to a consumer's account that may be used for the purpose of initiating electronic fund transfers. BIEASES may only issue an access device to a consumer in response to an oral or written request for the device or as a renewal of, or in substitution for, an accepted device whether issued by the institution of a successor.
An access device issued by BIEASES becomes an "accepted access device" when the consumer:

• Requests and receives, or signs, or uses (or authorizes another to use) the access device to transfer money between accounts or to obtain money, property, or services
• Requests validation of an access device issued on an unsolicited basis, or
• Receives an access device in the renewal of, or substitution for, an accepted access device from either the financial institution that initially issued the device or a successor

Unsolicited Issuance

Under Regulation E, a financial institution may distribute an access device to a consumer on an unsolicited basis if certain conditions are met. BIEASES does not issue unsolicited access devices to consumers, however, should this practice change, the Company will amend this Policy as necessary.

One-for-One Rule

Only one renewal or substitute device may replace a previously issued device when BIEASES issues a renewal or substitute access device to a consumer. For example, only one new card and PIN may replace a card and PIN previously issued. BIEASES may provide additional devices at the time it issues the renewal or substitute access device. If the replacement device or the additional device permits either fewer or additional types of electronic fund transfer services, a change-in-terms notice, or new disclosures will be sent to the consumer.
NOTE: BIEASES may issue more than one access device in connection with the renewal or substitution of a previously issued accepted access device, provided that any additional access device (beyond the device replacing the accepted access device) is not validated at the time it is issued. BIEASES may, if it chooses, set up the validation procedure such that both the device replacing the previously issued device and the additional device are not validated at the time they are issued, and validation will apply to both devices. If BIEASES sets up the validation procedure in this way, the Company will provide a clear and readily understandable disclosure to the consumer that both devices are not validated, and that validation will apply to both devices.

General Disclosure Requirements

Form of Disclosures

It is the policy of BIEASES to comply with the disclosure requirements set forth by Regulation E. All disclosures provided to consumers will be in writing, clear and readily understandable, and in a form the consumer may keep.
These required disclosures may be provided to a consumer in electronic form, subject to compliance with the consumer consent and other applicable provisions of the Electronic Signatures in Global and National Commerce Act (For more information on this, please refer to the Company's E-SIGN Act Policy).
BIEASES may use commonly accepted or readily understandable abbreviations in complying with the disclosure requirements.
Regulation E permits financial institutions to provide disclosures in a language other than English, provided that the disclosures are made available in English upon the consumer's request. BIEASES does not provide disclosures to consumers in different languages, however, should this practice change, the Company will amend this Policy as necessary.

Additional Information and Disclosure Required by Other Laws

BIEASES may include additional information and may combine disclosures required by other laws with the disclosures required by Regulation E if permitted by other laws, regulations, or statutes.

Multiple Accounts

BIEASES may combine the required disclosures into a single statement for a consumer who holds more than one account with the Company.

Services Offered Jointly

In the event BIEASES provides electronic fund transfer services jointly with other financial institution(s), the financial institutions may contract among themselves jointly to comply with the requirements of Regulation E that this part imposes on any or all of them. A financial institution is only required to make the initial disclosures, change in terms notice, and error resolution notice that is within its knowledge and within the purview of its relationship with the consumer for whom it holds an account.

Initial Disclosures

Timing of Disclosures

It is the policy of BIEASES and the responsibility of BIEASES personnel to provide the required disclosures before the first electronic fund transfer is made involving the consumer's account.

Early Disclosures

Disclosures provided by BIEASES earlier than the Regulation requires need not be repeated unless the terms and conditions differ from the previously disclosed terms. However, if an agreement for EFT services to be provided by BIEASES (as the account-holding financial institution) is directly between the consumer and the Company, disclosures must be given in close proximity to the event requiring disclosures, for example, when the consumer contracts for a new service.

Lack of Advance Notice of Transfer

When a consumer authorizes a third party to debit or credit the consumer's account, and BIEASES has not received advance notice of the transfer or transfers, the Company must provide the required disclosures as soon as reasonably possible after the first debit or credit is made, unless the Company has previously given the disclosures.

Addition of New Accounts

If a consumer opens a new account permitting EFTs at SUCH, and the consumer has already received Regulation E disclosures for another account at SUCH, the Company must only disclose terms and conditions that differ from those previously given.

Addition of Service in Interchange Systems

In the event BIEASES joins an interchange or shared network system (which provides access to terminals operated by other financial institutions), the Company must provide the required disclosures for additional EFT services not previously available to consumers if the terms and conditions differ from those previously disclosed.

Disclosure Covering All EFT Services Offered

BIEASES may provide disclosures covering all EFT services that it offers, even if some consumers have not arranged to use all services.

Content of Disclosures

It is the policy of BIEASES to use the model clauses for initial disclosures provided under Regulation E and to provide the following, as applicable.

• A summary of the consumer's liability under Regulation E or under state or other applicable law or agreement, for unauthorized electronic fund transfers
• The telephone number and e-mail address to be notified when the consumer believes that an unauthorized electronic fund transfer has been or may be made
• The Company's business days
• The type of electronic fund transfers that the consumer may make and any limitations on the frequency and dollar amount of transfers
• Any fees imposed by BIEASES for electronic fund transfers or for the right to make transfers, as well as any other fees
• A summary of the consumer's right to account information and notices regarding preauthorized transfers
• A summary of the consumer's right to stop payment of a preauthorized electronic fund transfer and the procedure for placing a stop payment order
• A summary of the Company's liability to the consumer under section 910 of the Act for failure to make or to stop certain transfers
• The circumstances under which, in the ordinary course of business, BIEASES may provide information concerning the consumer's account to third parties
• A notice that a fee may be imposed by an automated teller machine operator when the consumer initiates an electronic fund transfer or makes a balance inquiry, and by any network used to complete the transaction
• A notice concerning error resolution

Prepaid Account Pre-Acquisition Disclosures

BIEASES will provide both short- and long-form disclosures to consumers prior to the acquisition of a prepaid account. As a financial institution that provides prepaid accounts, it is the policy of BIEASES to use the model short-form and long-form disclosures provided under Regulation E.
At the time of prepaid access device issuance, BIEASES will disclose in close proximity to the short-form disclosures the following, as applicable:

• The Company's name
• The name of the prepaid account program
• The purchase price of the prepaid account, and
• The activation fees

Short Form Disclosure Contents

Short form disclosures provided by BIEASES will include the following:

• The periodic fee charged for holding the prepaid account, assessed on a monthly or other periodic basis, using the term "Monthly fee," "Annual fee," or a substantially similar term
• The fee for making a purchase using the prepaid account, using the term "Per purchase" or a substantially similar term
• Both in- and out-of-network ATM cash withdrawal fees ("ATM withdrawal" and "In-network" or "Out-of-network")
• The fee for reloading cash into the prepaid account using the term "Cash reload" or a substantially similar term. The fee disclosed must be the total of all charges from the financial institution and any third parties for a cash reload
• Both in- and out-of-network ATM balance inquiry fees ("ATM balance inquiry" and "In-network" or "Out-of-network")
• Per call fees assessed for contacting the issuer regarding the prepaid account, using an interactive voice response ("IVR") system and/or a live customer service agent ("Per call," "Customer Service," "Automated," and "Live agent")
• The fee for non-use, dormancy, or inactivity of the prepaid account, using the term "Inactivity" or a substantially similar term, as well as the conditions that trigger the financial institution to impose that fee
• A statement regarding additional fees that may be assessed ("We charge [X] other types of fees")
• Disclosure of the two fee types that generate the highest revenue from consumers for the prepaid account program or across prepaid account programs that share the same fee schedule
• A statement that overdraft credit features may or may not be offered ("You may be offered overdraft/credit after [X] days. Fees would apply" or "No overdraft/credit feature")
• A statement regarding the prepaid account program's eligibility for FDIC deposit insurance or NCUA share insurance, as appropriate, and directing the consumer to register the prepaid account for insurance and other account protections, as applicable
• A statement directing the consumer to the CFPB's website for general information about prepaid accounts, using the following clause or a substantially similar clause: "For general information about prepaid accounts, visit cfpb.gov/prepaid"
• A statement directing the consumer to the location of the long form disclosure to find details and conditions for all fees and services
• The highest amount of variable fees using a symbol such as an asterisk linked to a statement explaining how the fee could be lowered ("This fee can be lower depending on how and when the card is used")

Long Form Disclosure Contents

Long form disclosures provided by BIEASES will include the following:

• A heading stating the name of the prepaid account program and that the long form disclosure contains a list of all fees for that particular prepaid account program
• All fees that may be imposed in connection with a prepaid account (For each fee, the BIEASES will disclose the amount of the fee and the conditions, if any, under which the fee may be imposed, waived, or reduced)
• A statement regarding the prepaid account program's eligibility for FDIC deposit insurance or NCUA share insurance, as appropriate, and directing the consumer to register the prepaid account for insurance and other account protections, where applicable
• A statement that overdraft credit features may or may not be offered
• A statement directing the consumer to a telephone number, mailing address, and website URL of the person or office that a consumer may contact to learn about the terms and conditions of the prepaid account, to obtain prepaid account balance information, to request a copy of transaction history
• A statement directing the consumer to a website URL of the CFPB (cfpb.gov/prepaid) for general information about prepaid accounts, using the following clause or a substantially similar clause: "For general information about prepaid accounts, visit cfpb.gov/prepaid"
• If BIEASES offers a covered separate credit feature that is accessible by a hybrid prepaid credit card as defined under Regulation Z, the applicable Regulation Z disclosures will be provided to the consumer

Addition of Electronic Fund Transfer Services

It is the policy of BIEASES that in the event an electronic fund transfer service is added to a consumer's account and is subject to terms and conditions different from those described in the initial disclosures, disclosures for the new service are required and will be provided to the consumer.

Change in Terms

Change in Terms Notice

It is the policy of BIEASES that in the event it contemplates a change in terms, the Company will mail an electronic notice to the consumer at least 21 days before the effective date of any change in a term or condition required to be disclosed if the change would result in any of the following:

• Increased fees or charges
• Increased liability for the consumer
• Fewer types of available EFTs, or
• Stricter limitations on the frequency or dollar amounts of transfers

If an immediate change in terms or conditions is necessary to maintain or restore the security of an EFT system or account, BIEASES does not need to give prior notice. However, if the change is to be permanent, then it is the policy of BIEASES to provide notice in writing of the change to the consumer within 30 days unless disclosures would jeopardize the security of the system or account.

Error Resolution Notice

For accounts to or from which electronic fund transfers can be made, BIEASES will mail or deliver to the consumer, at least once each calendar year, an error resolution notice. It is SUCH's policy to use the model forms provided under the Regulation.

Access to Prepaid Information

BIEASES will make prepaid account information through one or all of the following methods:

• Account balances through a telephone line
• At least 12 months of an electronic history of the consumer's account transactions through the Company's mobile application
• A written history of the consumer's account transaction that is provided in response to an oral or written request and that covers at least 24 months preceding the date of the request

Preauthorized Transfers

A preauthorized transfer is an EFT authorized in advance to recur at substantially regular intervals.
It is the policy of BIEASES to comply with the requirements for preauthorized transfers as prescribed by Regulation E and as described below.

Notice by BIEASES

When a person initiates preauthorized electronic fund transfers to a consumer's account at least once every 60 days, BIEASES will provide notice to the consumer by:

• Providing written notice of the transfer within two business days after the transfer occurs, or
• Providing written notice, within two business days after the date on which the transfer was scheduled to occur, that the transfer did not occur, or
• Providing a readily available telephone line that the consumer may call to determine whether the transfer occurred and disclosing the telephone number on the initial disclosure of account terms and each periodic statement

Notice by Payer

BIEASES is not required to provide notice of a transfer if the payor gives the consumer positive notice that the transfer has been initiated.

Crediting

When BIEASES receives a preauthorized transfer, the Company will credit the amount of the transfer as of the date the funds for the transfer are received.

Written Authorization for Preauthorized Transfers from Consumer's Account

Preauthorized electronic fund transfers from a consumer's account may be authorized only by a written signed or similarly authenticated by the consumer. When BIEASES obtains the authorization, the Company must provide a copy to the consumer.

Authorization Obtained by a Third Party

BIEASES does not violate the Regulation when a third-party payee fails to obtain the authorization in writing or fails to give a copy to the consumer. Rather, it is the third-party payee that violates the regulation.

Written Authorization for Preauthorized Transfers

The requirement that preauthorized EFTs be authorized by the consumer "only by writing" cannot be met by a payee's signing a written authorization on the consumer's behalf with only an oral authorization from the consumer.

Use of a Confirmation Form

A financial institution or designated payee may comply with the requirements of this section in various ways. For example, a payee may provide the consumer with two copies of a preauthorization form and ask the consumer to sign and return one and retain the second copy.

Similarly Authenticated

The similarly authenticated standard permits signed, written authorizations to be provided electronically. The writing and signature requirements of this section are satisfied by complying with the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. 7001 et seq., which defines electronic records and electronic signatures. Examples of electronic signatures include but are not limited to, digital signatures and security codes. A security code need not originate with the account-holding institution. The authorization process should evidence of the consumer's identity and assent to the authorization. The person who obtains the authorization must provide a copy of the terms of the authorization to the consumer either electronically or in paper form. Only the consumer may authorize the transfer and not, for example, a third-party merchant on behalf of the consumer.

Requirements of an Authorization

An authorization is valid if it is readily identifiable as such, and the terms of the preauthorized transfer are clear and readily understandable.

Consumer's Right to Stop Payment

BIEASES must honor an oral stop-payment order made at least three business days before a scheduled debit. If the debit item is resubmitted, the Company must continue to honor the stop-payment order (for example, by suspending all subsequent payments to the payee-originator until the consumer notifies the institution that payments should resume).
Once a BIEASES has been notified that the consumer's authorization is no longer valid, the Company must block all future payments for the particular debit transmitted by the designated payee-originator. BIEASES may not wait for the payee-originator to terminate the automatic debits. BIEASES may confirm that the consumer has informed the payee-originator of the revocation (for example, by requiring a copy of the consumer's revocation as written confirmation to be provided within 14 days of an oral notification). If BIEASES does not receive the required written confirmation within 14 days, it may honor subsequent debits to the account.
If BIEASES does not have the capability to block a preauthorized debit from being posted to the consumer's account (ex., a preauthorized debit made through a debit card network or other system) the Company may instead comply with the stop-payment requirements by using a third party to block the transfer(s), as long as the consumer's account is not debited for the payment.

Notice

A consumer may stop payment of a preauthorized EFT from the consumer's account by notifying BIEASES in writing at least three business days before the scheduled date of the transfer.

Written Confirmation

BIEASES may require the consumer to give written confirmation of a stop-payment order within 14 days of an oral notification. If BIEASES requires written confirmation from the consumer, the Company must inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the oral notification. An oral stop-payment order ceases to be binding after 14 days if the consumer fails to provide the required written confirmation.

Notice of Transfers Varying in Amount

Notice
When a preauthorized electronic fund transfer from the consumer's account will vary in amount from the previous transfer under the same authorization or from the preauthorized amount, BIEASES or the designated must send the consumer written notice of the amount and date of the transfer at least 10 days before the scheduled date of transfer.

Range
BIEASES or the designated payee must inform the consumer of the right to receive notice of all varying transfers but may give the consumer the option of receiving notice only when a transfer falls outside a specified range of amounts or only when a transfer differs from the most recent transfer by more than an agreed-upon amount.

Preexisting Authorizations

In instances where BIEASES is the financial institution holding the consumer's account, the Company does not violate the Regulation if the designated payee fails to provide notice of varying amounts.

Liability of Consumer for Unauthorized Transfers

Conditions for Liability

A consumer may be held liable within the limitations described below, for an unauthorized electronic fund transfer involving the consumer's account only if BIEASES has provided the required disclosures. If the unauthorized transfer involved an access device, it must be an accepted access device, and BIEASES must have provided a means to identify the consumer to whom it was issued.
A consumer may be liable for an unauthorized EFT depending on when the consumer notifies BIEASES and whether an access device was used to conduct the transaction.
The extent of the consumer's liability is determined solely by the consumer's promptness in notifying SUCH. Other factors may not be used as a basis to hold consumers liable. Regulation E expressly prohibits the following factors as the basis for imposing greater liability than is permissible under Regulation E:

• The consumer was negligent (e.g., wrote a PIN on the card)
• An agreement between the consumer and BIEASES provides for greater liability, or
• The consumer is liable for a greater amount under state law

A consumer may be held liable, within the limitations described below, for an unauthorized electronic fund transfer involving the consumer's account only if:

• BIEASES has provided the following written disclosures to the consumer:
  • A summary of the consumer's liability for unauthorized EFTs
  • The telephone number and address for reporting that an unauthorized EFT has been or may be made
  • SUCH's business days
• Any access device used to affect the EFT was an accepted access device, and
• BIEASES has provided a means to identify the consumer to whom the access device was issued

Limitations on Amount of Liability

A consumer's liability for an unauthorized electronic fund transfer or a series of related unauthorized transfers is determined as follows:

Timely Notice Given
If the consumer notifies BIEASES within two business days after learning of the loss or theft of the access device, the consumer's liability must not exceed the lesser of $50 or the amount of unauthorized transfers that occur before notice to SUCH.
NOTE: The fact that a consumer has received a periodic statement or accessed their account reflecting an unauthorized transaction is a factor, but not conclusive evidence, in determining whether the consumer had knowledge of a loss or theft of an access device.

Timely Notice Not Given
If the consumer fails to notify BIEASES within two business days after learning of the loss or theft of the access device, the consumer's liability must not exceed the lesser of $500 or the sum of:

• $50 or the amount of unauthorized transfers that occur within the two business days, whichever is less, and
• The amount of unauthorized transfers that occur after the close of two business days and before notice to SUCH, provided BIEASES establishes that these transfers would not have occurred had the consumer notified BIEASES within those two days.

Periodic Statement - Timely Notice Not Given
A consumer must report an unauthorized electronic fund transfer within 60 days from the date the consumer electronically accesses the consumer's account or from the date BIEASES sends a written history of the consumer's account transactions requested by the customer; whichever is earlier. If the consumer fails to do so, the consumer's liability will not exceed the amount of the unauthorized transfers that occur after the close of the 60 days and before notice to SUCH, and that BIEASES established would not have occurred had the consumer notified BIEASES within the 60 days. When an access device is involved in the unauthorized transfer, the consumer may be liable for other amounts set forth in the above paragraphs, as applicable.

Extension of Time Limits
If the consumer's delay in notifying BIEASES was due to extenuating circumstances (such as extended travel or hospitalization), BIEASES is required to extend the times specified above to a reasonable period.

Notice to BIEASES
Notice to BIEASES is given when a consumer takes steps reasonably necessary to provide BIEASES with the pertinent information, whether or not a particular employee or agent of the Company actually receives the information. Even if the consumer is unable to provide the account number or the card number, the notice effectively limits the consumer's liability if the consumer sufficiently identifies the account in question, for example, by giving the name on the account and the type of account.
At the consumer's option, the consumer may notify BIEASES by telephone or in writing.
Written notice is considered given at the time the consumer mails the notice or delivers it for transmission to BIEASES by any other usual means. Notice may be considered constructively given when BIEASES becomes aware of circumstances leading to the reasonable belief that an unauthorized transfer to or from the consumer's account has been or may be made.

Liability Under State Law or Agreement
If state law or an agreement between the consumer and BIEASES imposes less liability than is provided by this section of the Act, the consumer's liability will not exceed the amount imposed under the state law or agreement.

Procedures for Resolving Errors

It is the policy of BIEASES to follow the below prescribed rules regarding procedures for resolving errors as set for by Regulation E.

Definition of Error

An error is defined under Regulation E as:

• An unauthorized electronic fund transfer
• An incorrect electronic fund transfer to or from a consumer's account
• The omission of an electronic fund transfer from a periodic statement (or alternative) that should have been included
• A computational or bookkeeping error made by BIEASES relating to the electronic fund transfer
• The consumer's receipt of an incorrect amount of money from an electronic terminal
• An electronic fund transfer that is not properly identified
• A consumer's request for information required by Regulation E or for additional information or clarification so that the consumer can determine whether an error exists
  The term error does not include a routine inquiry about the consumer's account balance, a request for information for tax or other recordkeeping purposes, or a request for duplicate copies of documentation.

Notice of Error from Consumer

Timing and Contents
It is the policy of BIEASES to comply with the timing and content requirements of Regulation E with respect to any verbal or written notice of error from the consumer that:

• Is received by BIEASES within 60 days of the consumer electronically accessing an account or receiving a written history upon request that reflects the error
• Enables BIEASES to identify the consumer's name and account number, and
• Indicates why the consumer believes an error exists and includes to the extent possible the type, date, and amount of the error

Written Confirmation
BIEASES may require the consumer to give written confirmation of an error within 10 business days of a verbal notice. In the event BIEASES requires written confirmation, it must inform the consumer of the requirement and provide the address where confirmation must be sent when the consumer gives the verbal notification.

Request for Documentation or Clarifications
When a notice of error is based on documentation or clarification that the consumer requested, the consumer's notice of error is timely if received by BIEASES no later than 60 days after the Company sends the information requested.
If a consumer gives BIEASES notice of an error in an EFT transaction, it is the responsibility of the employee taking the consumer notice of the alleged error to promptly begin SUCH's investigation process. A notice of error may be taken by telephone or e-mail and must be received by BIEASES within 60 days after the Company disclosed the EFT transaction on the consumer's account on which the alleged error is reflected.

Time Limits and Extent of Investigation

It is the responsibility of the Compliance Operations department to enter and investigate all submitted statements of unauthorized EFT activity forms on the dispute resolution log as they are received in accordance with the following time limits and investigation guidelines:

10 Day Period

• Promptly investigate a consumer's verbal or written allegation of an EFT error
• Complete its investigation within 10 business days
• Report the results of its investigation to the consumer within three business days after completing its investigation, and
• Correct the error within one business day after determining that an error has occurred

45 Day Period
If BIEASES is unable to complete its investigation within 10 business days, the Company may take up to 45 calendar days to complete its investigation provided it:

• Provisionally credits the funds (including interest, when applicable) to the consumer's account within the 10-business day period
  • If BIEASES has a reasonable basis for believing that an unauthorized electronic funds transfer has occurred and the Company has satisfied the consumer's condition of liability, BIEASES may withhold a maximum of $50 from the amount credited
  • BIEASES need not provisionally credit the consumer's account if BIEASES requires but does not receive written confirmation within 10 business days of an oral notice of the error
• Informs the consumer within two business days of the provisional crediting of the amount and date of the provisional crediting and gives the consumer full use of the funds during the investigation
• Corrects the error (if any) within one business day after determining that an error occurred, and
• Reports the results to the consumer within three business days after completing its investigation (including, if applicable, notice that a provisional credit has been made final)

Extension of Time Periods
The above time periods may be extended by BIEASES as follows:

• The applicable time is 20 business days in place of 10 business days for the 10-day and 45-day periods mentioned above if the notice of error involves an electronic fund transfer to or from the account within 30 days after the first deposit to the account was made, or
• The applicable time is 90 days in place of 45 days for completing an investigation, if a notice of error involves an electronic fund transfer that was not initiated within a state, resulted from a point-of-sale debit card transaction, or occurred within 30 days after the first deposit to the account was made

Investigation
With the exception of transfers covered by an electronic fund transfer service provider not holding the consumer's account, the Company's review of its own records regarding an alleged error satisfies the requirements if:

• The alleged error concerns a transfer to or from a third party, and
• There is no agreement between the institution and the third party for the type of electronic fund transfer involved

Procedures for No Error or Different Error Occurred

In addition to the above, it is the responsibility of the Compliance Operations department to conduct the following procedures if a determination is made by BIEASES that no error occurred or that an error occurred in a manner or amount different from that described by the consumer:

Written Explanation
BIEASES will notify the consumer in writing on the specified by the consumer e-mail address or on his or her account. SUCH's report of the results of its investigation is to include a written explanation of the Company's findings and note the consumer's right to request the documents that BIEASES relied on in making its determination. Upon request, the Compliance Operations department will promptly provide copies of the documents.

Debiting Provisional Credit
Upon debiting a provisionally credited amount, personnel will (when applicable):

• Notify the consumer of the date and amount of the debiting, and
• Notify the consumer that the institution will honor checks, drafts, or similar instruments payable to third parties and preauthorized transfers from the consumer's account (without charge to the consumer as a result of an overdraft) for five business days after the notification

Reassertion of Error

BIEASES is considered in compliance with Regulation E's error resolution requirements in which it has no further responsibilities should the consumer later reassert the same error, except in the case of an error asserted by the consumer following receipt of information provided by SUCH.

Complaint File

BIEASES will maintain a Regulation E complaint file and will keep all documentation regarding consumer complaints in accordance with applicable law. The complaint file will contain at a minimum:

• A copy of the notice of error
• All dated correspondence to and from the consumer, and
• All documentation used in the investigation

Regulation E Requirements – Subpart B/Remittance Transfers

Disclosure Requirements

General Form of Disclosures

It is the policy of BIEASES to comply with the disclosure requirements set forth by Regulation E. All disclosures provided to consumers will conform to the following standards.

Clear and Conspicuous
Disclosures are clear and conspicuous if they are readily understandable and, in the case of written and electronic disclosures, the location and type size are readily noticeable to senders.
Disclosures may contain commonly accepted or readily understandable abbreviations or symbols, such as "USD" to indicate currency in U.S. dollars or "MXN" to indicate currency in Mexican pesos.

Written and Electronic Disclosures
BIEASES will ensure that disclosures are provided to the sender in writing. BIEASES may provide disclosures electronically if the sender electronically requests BIEASES to send the remittance transfer. BIEASES will ensure that written and electronic disclosures generally are made in a retainable form, however any disclosures BIEASES provides to consumers via mobile application or text message, as permitted by Regulation E, need not be retainable.

Disclosures for Mobile Application or Text Message Transaction
Pre-payment disclosures, as defined by Regulation E, may be provided orally or via mobile application or text message if:

• The transaction is conducted entirely by telephone via mobile application or text message
• The disclosure is made in the language primarily used by the sender with BIEASES to conduct the transaction
• BIEASES discloses orally or via mobile application or text message a statement about the sender's rights regarding cancellation, including timing requirements, and
• BIEASES discloses orally or via mobile application or text message the following, as applicable:
  • For any remittance transfer scheduled at least three business days before the date of transfer, the date BIEASES will make or made the remittance transfer using the term "Transfer Date" or a substantially similar term
  • For any subsequent transfer in a series of preauthorized remittance transfers, the date BIEASES will make the subsequent transfer, using the term "Future Transfer Date," or a substantially similar term, or/or
  • For any subsequent preauthorized remittance transfer for which the date of transfer is four or fewer business days after the date payment is made for that transfer, the information is provided in accordance with the timing requirements set forth by Regulation E

Oral Disclosures for Certain Error Resolution Notices
In relation to a notice of error, BIEASES may provide the results of any investigation orally if the Company:

• Determines that an error occurred as described by the sender, and
• Disclosures the information in the language primarily used by the sender with BIEASES to conduct the transaction

For more information, refer to the Procedures for Resolving Errors section of this Policy.

Disclosure Content Requirements

Pre-payment Disclosure
Before a sender pays for a remittance transfer, BIEASES will provide a "pre-payment disclosure" that includes the following information, as applicable:

• The amount that will be transferred to the designated recipient, in the currency in which the remittance transfer is funded, using the term "Transfer Amount" or a substantially similar term
• Any fees imposed and any taxes collected on the remittance transfer by SUCH, in the currency in which the remittance transfer is funded, using the terms "Transfer Fees" for fees and "Transfer Taxes" for taxes, or substantially similar terms
• The total amount of the transaction, which is the sum of the transfer amount and the transfer fees, in the currency in which the remittance transfer is funded, using the term "Total" or a substantially similar term
• The exchange rate used by BIEASES for the remittance transfer, rounded consistently for each currency to no fewer than two decimal places and no more than four decimal places, using the term "Exchange Rate" or a substantially similar term
• The transfer amount, in the currency in which the funds will be received by the designated recipient, but only if covered third-party fees are imposed using the term "Transfer Amount" or a substantially similar term
  • The exchange rate used to calculate this amount is the exchange rate as noted above, including an estimated exchange rate, prior to any rounding of the exchange rate
• Any covered third-party fees, in the currency in which the funds will be received by the designated recipient, using the term "Other Fees," or a substantially similar term.
  • The exchange rate used to calculate any covered third-party fees is the exchange rate as noted above, including an estimated exchange rate, prior to any rounding of the exchange rate
• The amount that will be received by the designated recipient, in the currency in which the funds will be received, using the term "Total to Recipient" or a substantially similar term except that this amount will not include non-covered third-party fees or taxes collected on the remittance transfer by a person other than SUCH, regardless of whether such fees or taxes are disclosed
  • The exchange rate used to calculate any covered third-party fees is the exchange rate as noted above, including an estimated exchange rate, prior to any rounding of the exchange rate
• A statement indicating that non-covered third-party fees or taxes collected on the remittance transfer by a person other than BIEASES may apply to the remittance transfer and result in the designated recipient receiving less than the "Total to Recipient" amount
  • BIEASES may only include this statement to the extent that such fees or taxes do or may apply to the transfer, using the language set forth in the model forms provided under Regulation E, as appropriate, or substantially similar language
  • In this statement, BIEASES also may, but is not required, disclose any applicable non-covered third-party fees or taxes collected by a person other than the provider.
    • Any such figure must be disclosed in the currency in which the funds will be received, using the language set forth in model forms provided under Regulation E, as appropriate, or substantially similar language
  • The exchange rate used to calculate any covered third-party fees is the exchange rate as noted above, including an estimated exchange rate, prior to any rounding of the exchange rate
• Please see our Fees here (fees)

Receipt
Once payment is made for the transfer, BIEASES will provide the sender with a "receipt" that includes the following information, as applicable:

• The pre-payment disclosure
• The date in the foreign country on which funds will be available to the designated recipient, using the term "Date Available" or a substantially similar term
  • BIEASES may provide a statement that funds may be available to the designated recipient earlier than the date disclosed, using the term "may be available sooner" or a substantially similar term
• The name and, if provided by the sender, the telephone number and/or address of the designated recipient, using the term "Recipient" or a substantially similar term
• A statement about the sender's right regarding the resolution of errors and cancellation, using the language set forth in the model form provided under Regulation E or substantially similar language
  • For any remittance transfer scheduled by the sender at least three business days before the date of the transfer, the statement about the sender's rights regarding cancellation must instead reflect the requirements for such transfers
• SUCH's name, telephone number(s), and website
• A statement that the sender can contact the State agency that licenses or charters BIEASES with respect to the remittance transfer and the CFPB for questions or complaints about SUCH, using the language set forth in the model form provided under Regulation E or substantially similar language
  • The disclosure must provide the name, telephone number(s), and website of the State agency that licenses or charters BIEASES with respect to the remittance transfer and the name, toll-free telephone number(s), and website of the Consumer Financial Protection Bureau
• For any remittance transfer scheduled by the sender at least three business days before the date of the transfer or the first transfer in a series of preauthorized remittance transfers, the date BIEASES will make or made the remittance transfer, using the term "Transfer Date," or a substantially similar term

Combined Disclosures
General Requirements
As an alternative to providing the pre-payment disclosure and receipt separately, BIEASES may provide the receipt, as applicable, at the same time as the pre-payment disclosure and in accordance with the timing requirement for the pre-payment disclosure.
If BIEASES provides the combined disclosure and the sender completes the transfer, BIEASES must provide the sender with proof of payment when payment is made for the remittance transfer. The proof of payment must be clear and conspicuous, provided in writing or electronically, and provided in a retainable form.
Transfers Scheduled Before the Date of Transfer
If the combined disclosure for a transfer is scheduled before the date of transfer, and payment is not processed by BIEASES at the time the remittance transfer is scheduled, BIEASES may provide confirmation that the transaction has been scheduled in lieu of the proof of payment as described above. The confirmation of scheduling must be clear and conspicuous, provided in writing or electronically, and provided in a retainable form.

Estimates
Estimated disclosures may be provided to the extent permitted under Regulation E. Estimated disclosures must be described using the term "Estimated" or a substantially similar term in close proximity to the estimated terms or terms. Refer to the section on Estimates within this Policy for more information.

Specific Format Requirements

Regulation E sets specific formatting requirements for the pre-payment disclosures, receipts, and combined disclosure, and other notices that must be provided under the Remittance Rule. This includes standards to for the grouping and proximity of information, prominence, and size of text, and the segregation of the disclosures from other information.
Regulation E provides model forms for the pre-payment disclosure, receipt, combined disclosure, and other notices that meet the content requirements and formatting standards set forth above. It is SUCH's policy to use the model forms.

Disclosure Timing

Except for a one-time transfer scheduled five or more business days before the date of transfer, or the first in a series of preauthorized remittance transfers, Regulation E requires BIEASES to provide to the sender:

• Any pre-payment disclosure or combined disclosure when the sender requests the remittance transfer, but prior to payment for the transfer
• Any receipt when payment is made for the remittance transfer:

Disclosure Accuracy When Payment is Made

Except for a one-time transfer scheduled five or more business days before the date of transfer, or the first in a series of preauthorized remittance transfers, Regulation E requires BIEASES to provide disclosures that are accurate when a sender makes payment for the remittance transfer, except to the extent estimates are permitted. Refer to the Estimated Disclosures section of this Policy for more information.

Foreign Language Disclosures

General
BIEASES will provide all disclosures in English, and if applicable, either in:

• Each of the foreign languages principally used by BIEASES to advertise, solicit, or market remittance transfer services, either orally, in writing, or electronically, at the office in which a sender conducts a transaction or asserts an error, or
• The foreign language primarily used by the sender with the remittance transfer provider to conduct the transaction (or for written or electronic disclosures, in the foreign language primarily used by the sender with the remittance transfer provider to assert the error), provided that such foreign language is principally used by BIEASES to advertise, solicit, or market remittance transfer services, either orally, in writing, or electronically, at the office in which a sender conducts a transaction or asserts an error, respectively

Oral, Mobile Application, or Text Message Disclosures
For transactions conducted via mobile application or text message, BIEASES will ensure that disclosures are made in the language primarily used by the sender with the Company to conduct the transaction.
BIEASES will ensure disclosures provided orally for error resolution purposes are made in the language primarily used by the sender with the remittance transfer provider to assert the error.

Estimated Disclosures

Transfers to Certain Countries
For transfers to certain countries, BIEASES may provide estimated disclosures if the Company cannot determine the amounts when the disclosure is required because:

• The laws of the recipient country do not permit such a determination, or
• The method by which transactions are made in the recipient country does not permit such a determination
  BIEASES may rely on the list of countries published by the CFPB to determine if estimates may be provided unless the Company has information that a country's laws or the method by which transactions are conducted in that country permit a determination of the exact disclosure amount.

Transfers Schedule Before the Date of Transfer
Under Regulation E, BIEASES may provide estimates if the remittance transfer is scheduled by a sender five or more business days before the date of transfer. In addition, if at the time the sender schedules such a transfer, BIEASES agrees to a sender's request to fix the amount to be transferred in the currency in which the remittance transfer will be received and not the currency in which it is funded, estimates may also be provided for the amounts to be disclosed.
Covered third-party fees may be estimated only if the exchange rate is also estimated and the estimated exchange rate affects the amount of such fees.
Fees and taxes may be estimated only if the amount that will be transferred in the currency in which it is funded is also estimated and the estimated amount affects the amount of such fees and taxes.

Optional Disclosure of Non-Covered Third-Party Fees and Taxes Collected by a Person Other Than the Provider
BIEASES may provide estimates for applicable non-covered third-party fees and taxes collected on the remittance transfer by a person other than BIEASES provided such estimates are based on reasonable sources of information.

Bases for Estimates
Estimates must be based on the below-listed approach or approaches, except as otherwise permitted by Regulation E. If BIEASES bases an estimate on an approach that is not listed below, the Company is deemed to be in compliance with Regulation E so long as the designated recipient receives the same, or greater, amount of funds than BIEASES disclosed.

Exchange Rate
In disclosing the Exchange Rate, BIEASES will ensure an estimate will be based on one of the following:

• For remittance transfers sent via international ACH, the most recent exchange rate set by the recipient country's central bank or other governmental authority and reported by a Federal Reserve Bank
• The most recent publicly available wholesale exchange rate and, if applicable, any spread that BIEASES or its correspondent typically applies to such a wholesale rate for remittance transfers for that currency, or
• The most recent exchange rate offered or used by the person making funds available directly to the designated recipient or by the person setting the exchange rate

Transfer Amount in the Currency in Which the Funds Will be Received by the Designated Recipient
In disclosing the transfer amount in the currency in which the funds will be received by the designated recipient, BIEASES will ensure the estimate is based on the estimated exchange rate prior to any rounding of the estimated exchange rate.

Covered Third-party Fees
In disclosing covered third-party fees that are a percentage of the amount transferred to the designated recipient, BIEASES will ensure the estimated exchange is based on the estimated exchange rate prior to any rounding of the estimated exchange rate.
In disclosing covered third-party fees, BIEASES will ensure the estimate must be based on one of the following:

• The Company's most recent remittance transfer to the designated recipient's institution, or
• A representative transmittal route identified by BIEASES

In disclosing the amount of currency that will be received by the designated recipient, BIEASES will ensure the estimate is based on the information provided in accordance with the requirements for the exchange rate, currency in which the funds will be received by the designated recipient, and covered third-party fees as described above.

Bases for Estimates for Transfers Scheduled Before the Date of Transfer
Estimates provided must be based on the exchange rate or, where applicable, the estimated exchange rate based on an estimation methodology that BIEASES would have used or did use that day in providing disclosures to a sender requesting such a remittance transfer to be made on the same day.
If BIEASES uses one of the above-described bases for estimates, the Company is deemed to be in compliance with Regulation E regardless of the amount received by the designated recipient, so long as the estimation methodology is the same that BIEASES would have used or did use in providing disclosures to a sender requesting such a remittance transfer to be made on the same day.

Transfers Scheduled Before the Date of Transfer

Timing

For a one-time transfer scheduled five or more business days before the date of transfer or for the first in a series of preauthorized remittance transfers, BIEASES will:

• Provide either the pre-payment disclosure and the receipt, or the combined disclosure described in accordance with the timing requirements described earlier in this Policy
• If any of the disclosures provided contain estimates as permitted by Regulation E, mail or deliver to the sender an additional receipt no later than one business day after the date of the transfer

For each subsequent preauthorized remittance transfer:

• If any of the information on the most recent receipt is no longer accurate with respect to a subsequent preauthorized remittance transfer and is not an estimate as allowed by Regulation E, then BIEASES will provide an updated receipt
  • BIEASES will mail or deliver this receipt to the sender within a reasonable time prior to the scheduled date of the next subsequent preauthorized remittance transfer
  • BIEASES receipt will clearly and conspicuously indicate that it contains updated disclosures
• Unless an updated receipt was provided that contained no estimates, BIEASES will mail or deliver to the sender a receipt no later than one business day after the date of the transfer
  • If the remittance transfer involves the transfer of funds from the sender's account held by the provider, the receipt required by this paragraph may be provided on or with the next periodic statement for that account, or within 30 days after the date of the transfer if a periodic statement is not provided

Accuracy

For a one-time transfer scheduled five or more business days in advance or for the first in a series of preauthorized remittance transfers, disclosures will be accurate when BIEASES makes payment except to the extent estimates are permitted by Regulation E.
For each subsequent preauthorized remittance transfer, the most recent receipt provided will be accurate as of when such transfer is made, except:

• The Date Available and Transfer Date of the receipt must be accurate only if the transfer is the first transfer to occur after the disclosure was provided, and
• To the extent, estimates are permitted

Disclosures related to preauthorized transfers must be accurate as of when the remittance transfer to which it pertains is made, except to the extent estimates are permitted.

Additional Requirements for Subsequent Preauthorized Remittance Transfers

Disclosure Requirement
For any subsequent transfer in a series of preauthorized remittance transfers, BIEASES will disclose to the sender:

• The date the Company will make the subsequent transfer, using the term "Future Transfer Date," or a substantially similar term
• A statement about the sender's rights of cancellation, and
• The Company's name, telephone number(s), and website

If the future date or dates of transfer are described as occurring in regular periodic intervals (e.g., the 15th of every month), rather than as a specific calendar date or dates, BIEASES will disclose any future date or dates of transfer that do not conform to the described interval.

Notice Requirements
The disclosures must be received by the sender no more than 12 months, and no less than five business days prior to the date of any subsequent transfer to which it pertains. The disclosures may be provided in a separate disclosure or may be provided on one or more disclosures related to the same series of preauthorized transfers, so long as the consumer receives the required information for each subsequent preauthorized remittance transfer in accordance with these timing requirements.
For any subsequent preauthorized remittance transfer for which the date of transfer is four or fewer business days after the date payment is made for that transfer, the above disclosure information will be provided on or with the receipt or disclosed for the initial transfer in that series as permitted by Regulation E.

Specific Format Requirement
For any subsequent transfer in a series of preauthorized transfers, the Future Transfer Date and a statement regarding the sender's rights to cancellation will be disclosed in close proximity to one another.

Accuracy
The above disclosures for subsequent transfers in a series of preauthorized transfers will be accurate as of the date the preauthorized remittance transfer to which it pertains is made.

Procedures for Cancellation and Refund of Remittance Transfers

Sender's Right of Cancellation and Refund

Except for transfers scheduled before the date of transfer, BIEASES will comply with the requirements set forth by Regulation E with respect to any oral or written request to cancel a remittance transfer from the sender that is received by the Company no later than 30 minutes after the sender makes payment in connection with the remittance transfer if:

• The request to cancel enables BIEASES to identify the sender's name and address or telephone number and the particular transfer to be canceled, and
• The transferred funds have not been picked up by the designated recipient or deposited into an account of the designated recipient

Time Limits and Refund Requirements

BIEASES will refund, at no additional cost to the sender, the total amount of funds provided by the sender in connection with a remittance transfer, including any fees and, to the extent not prohibited by law, taxes imposed in connection with the remittance transfer, within three business days of receiving a sender's request to cancel the remittance transfer.

Form of Refund
At the Company's discretion, BIEASES generally may issue a refund either in cash or in the same form of payment that was initially provided by the sender for the remittance transfer. For example, if the sender originally provided a credit card as payment for the transfer, BIEASES may issue a credit to the sender's credit card account in the amount of the payment. However, if a sender initially provided cash for the remittance transfer, a provider may issue a refund by check. For example, if the sender originally provided cash as payment for the transfer, the provider may mail a check to the sender in the amount of the payment.

Fees and Taxes Refunded
If a sender provides a timely request to cancel a remittance transfer, BIEASES will refund all funds provided by the sender in connection with the remittance transfer, including any fees and, to the extent not prohibited by law, taxes that have been imposed for the transfer, whether the fee or tax was assessed by the BIEASES or a third party, such as an intermediary institution, the agent or bank in the recipient country, or a State or other governmental body.

Procedures for Resolving Errors

Definition of Error

For purposes of the Remittance Rule, the term error means:

• An incorrect amount paid by a sender in connection with a remittance transfer unless the disclosure stated an estimate of the amount paid by a sender and the difference results from the application of the actual exchange rate, fees, and taxes, rather than an estimated amount
• A computational or bookkeeping error made by BIEASES relating to a remittance transfer
• The failure to make available to a designated recipient the amount of currency disclosed and stated in the disclosure provided to the sender for the remittance transfer, unless:
  • The disclosure stated an estimate of the amount to be received (and complies with the estimated disclosure requirements of Regulation E), and the difference results from the application of the actual exchange rate, fees, and taxes, rather than any estimated amounts, or
  • The failure resulted from extraordinary circumstances outside SUCH's control that could not have been reasonably anticipated, or
  • The difference results from the application of non-covered third-party fees or taxes collected on the remittance transfer by a person other than BIEASES and BIEASES provided a pre-payment disclosure that included a statement indicating that non-covered third-party fees or taxes collected on the remittance transfer by a person other than BIEASES may apply to the remittance transfer and may result in the designated recipient receiving less than the "Total to Recipient" amount
• The failure to make funds available to a designated recipient by the date of availability stated in the disclosure provided to the sender for the remittance transfer, unless the failure to make the funds available resulted from:
  • Extraordinary circumstances outside SUCH's control that could not have been reasonably anticipated
  • Delays related to a necessary investigation or other special action by BIEASES or a third party as required by the Company's fraud screening procedures or in accordance with the Bank Secrecy Act (31 U.S.C. 5311 et seq.), Office of Foreign Assets Control requirements, or similar laws or requirements
  • The remittance transfer is made with fraudulent intent by the sender or any person acting in concert with the sender, or
  • The sender having provided BIEASES an incorrect account number or recipient institution identifier for the designated recipient's account or institution, provided that BIEASES establishes that the sender provided the wrong recipient information (account number or institution identifier)
• The sender's request for documentation for additional information or clarification concerning a remittance transfer, including a request a sender makes to determine whether an error exists
• e term error does not include:
• An inquiry about the status of a remittance transfer, except where the funds from the transfer were not made available to a designated recipient by the disclosed date of availability
• A request for information for tax or other recordkeeping purposes
• A change requested by the designated recipient, or
• A change in the amount or type of currency received by the designated recipient from the amount or type of currency stated in the disclosure provided to the sender if the remittance transfer provider relied on information provided by the sender in making such disclosure

Notice of Error from Sender

BIEASES will comply with the following requirements of Regulation E with respect to any oral or written notice of error from a sender:

• Is received by BIEASES no later than 180 days after the disclosed date of availability of the remittance transfer
• Enables BIEASES to identify:
  • The sender's name and telephone number or address
  • The recipient's name, and if known, the telephone number or address of the recipient, and
  • The remittance transfer to which the notice of error applies, and
• Indicates why the sender believes an error exists and includes to the extent possible the type, date, and amount of the error, except for requests for documentation, additional information, or clarification described above

When a notice of error is based on documentation, additional information, or clarification that the sender previously requested, the sender's notice of error is timely if received by BIEASES the later of 180 days after the disclosed date of availability of the remittance transfer or 60 days after BIEASES sent the documentation, information, or clarification that had been requested.

Time Limits and Extent of Investigation

Time Limits for Investigation and Report to Consumer of Error
BIEASES will promptly investigate and determine whether an error occurred within 90 days of receiving a notice of error. The Company will report the results to the sender, including notice of any remedies available for correcting any error that BIEASES determines has occurred, within three business days after completing its investigation.

Remedies
If following an assertion of an error by a sender, BIEASES determines an error occurred, the Company will, within one business day of or as soon as reasonably practicable after receiving the sender's instructions regarding the appropriate remedy, correct the error as required by Regulation E.

Remedies for Errors Resulting in an Incorrect Amount Paid
In the case of any error resulting in an incorrect amount paid, a computational or bookkeeping error, or failure to make available the amount of currency disclosed to the designated recipient, BIEASES will, as applicable, either:

• Refund to the sender the amount of funds provided by the sender in connection with a remittance transfer that was not properly transmitted, or the amount appropriate to resolve the error, or
• Make available to the designated recipient, without additional cost to the sender or to the designated recipient, the amount appropriate to resolve the error

Remedies for Errors Resulting in a Failure to Make Funds Available on Time
In the case of an error resulting in a failure to make funds available to a designated recipient by the date of availability stated in the disclosure, BIEASES will:

• As applicable, either:
  • Refund to the sender the amount of funds provided by the sender in connection with a remittance transfer that was not properly transmitted, or the amount appropriate to resolve the error, or
  • Make available to the designated recipient the amount appropriate to resolve the error (BIEASES amount must be made available to the designated recipient without additional cost to the sender or to the designated recipient), and
• Refund to the sender any fees imposed and, to the extent not prohibited by law, taxes collected on the remittance transfer

Remedies for Errors Resulting from Incorrect Information Provided by the Sender
In the case of an error resulting in a failure to make funds available to a designated recipient by the date of availability stated in the disclosure occurred because the sender provided incorrect or insufficient information in connection with the remittance transfer, BIEASES will provide the above remedies within three business days of providing the report except that BIEASES may agree to the sender's request, upon receiving the results of the error investigation, that the funds be applied towards a new remittance transfer, rather than be refunded, if BIEASES has not yet processed a refund.

• BIEASES may deduct from the amount refunded or applied towards a new transfer any fees actually imposed on or, to the extent not prohibited by law, taxes actually collected on the remittance transfer as part of the first unsuccessful remittance transfer attempt except that the Company will not deduct its own fee

Remedies for Errors Related to Requests for Information
In the case of a request by a sender for more information about the remittance transfer, providing the requested documentation, information, or clarification.

Procedures for When No Error or a Different Error Occurred

BIEASES will follow the below procedures set forth by Regulation E if the Company determines that no error occurred or that an error occurred in a manner or amount different from that described by the sender.

Explanation of Results of Investigation
SUCH's report of the results of the investigation will include a written explanation of the Company's findings and will note the sender's right to request the documents on which BIEASES relied in making its determination. The explanation will also address the specific complaint of the sender.

Copies of Documentation
Upon the sender's request, BIEASES will promptly provide copies of the documents on which the Company relied in making its error determination.

Reassertion of Error

In the event a sender submits a duplicate notice of error ("reasserts error"), BIEASES has no further responsibilities to investigate an error if the Company has fully complied with the error resolution requirements of Regulation E as described above, except in the case of an error asserted where the sender is requesting for additional information or clarification concerning a remittance transfer.

Relation to Other Laws

Notices of error related to remittance transfers, including those involving unauthorized transfers, may involve consumer accounts where the notice of error requirements of Subpart A of Regulation E would apply, rather than those described above. The requirements to comply with a notice of error requirements of Subpart A of Regulation E only apply to the account-holding institution. Therefore, if BIEASES receives a notice of error for a remittance transfer that occurred on a prepaid account offered by the Company, BIEASES will review the notice of error to ensure it fully complies with the appropriate Subpart of the Regulation.
Similarly, notices of error related to remittance transfers, including those involving unauthorized transfers, may involve extensions of credit covered by the Truth in Lending Act and Regulation Z. When such notices of errors occur, the creditor is responsible for satisfying any error resolution requirements under Regulation Z. Since BIEASES does not offer such extensions of credit, the Company is not subject to Regulation Z requirements.

Error Resolution Standards and Recordkeeping Requirements

Compliance Program
BIEASES will develop and maintain written policies and procedures that are designed to ensure compliance with the error resolution requirements applicable to remittance transfers set forth by Regulation E.

Retention of Error-related Documentation
SUCH's policies and procedures will include policies and procedures regarding the retention of documentation related to error investigations. BIEASES policies and procedures must ensure, at a minimum, the retention of any notices of error submitted by a sender, documentation provided by the sender to BIEASES with respect to the alleged error, and the Company's findings regarding the investigation of the alleged error.

Error Exception Due to Incorrect Information Provided by the Sender

BIEASES is excepted from the notice of error requirements set forth by Regulation E if the sender provides an incorrect account number or recipient identifier for the designated recipient's account or institution, and provides:

• BIEASES can demonstrate that the sender provided an incorrect account number or recipient institution identifier to the Company in connection with the remittance transfer
• For any instance in which the sender provided the incorrect recipient institution identifier, prior to or when sending the transfer, BIEASES used reasonably available means to verify that the recipient institution identifier provided by the sender corresponded to the recipient institution name provided by the sender
• BIEASES provided notice to the sender before the sender made payment for the remittance transfer that, in the event the sender provided an incorrect account number or recipient institution identifier, the sender could lose the transfer amount
  • This notice must be provided in writing unless the notice is given at the same time as other disclosures required by the Remittance Rule for which information is permitted to be disclosed orally or via mobile application or text message, in which case this disclosure may be given in the same medium as those other disclosures
• The incorrect account number or recipient institution identifier resulted in the deposit of the remittance transfer into a customer's account that is not the designated recipient's account, and
• BIEASES promptly used reasonable efforts to recover the amount that was to be received by the designated recipient

Acts of Agents

BIEASES is liable for any violation of the Remittance Rule by any agent when such agent acts for the Company.
A present, BIEASES does not use agents to facilitate any remittance transfer activity on the Company's behalf. Should this practice change, BIEASES will develop appropriate policies and procedures addressing the oversight and management of such agents as it relates to Regulation E compliance.

Audit Policy

BIEASES has designated the Audit Committee of BIEASES to conduct an independent and periodic review of the Company's Regulation E compliance programs to ensure that an adequate system of internal controls in addition to compliance with this and other policies and procedures are maintained. With the same respect, BIEASES has engaged the services of an independent consultant to provide a comprehensive and independent audit review on an annual basis. Results of the audit are reported to the Company's Audit Committee and Senior Management. It is the responsibility of the Compliance Officer and Senior Management to take appropriate action to correct any exceptions found as a result of the audit.

Record Retention

Regulation E requires institutions to retain all documentation, such as disclosures, consumer disputes, reports, and other miscellaneous documents mentioned in this Policy, for a period of two years from the date of origination. Regulation E also requires institutions to retain the records that pertain to an investigation, action, or proceeding until final disposition of the matter unless an earlier time is allowed by court or agency order. It is SUCH's policy to retain all records related to Regulation E for a minimum of two years and in accordance with any other applicable law, regulation, or statute.

Enforcement, Penalties, and Liabilities

Failure to comply with the regulatory requirements set forth in this Policy may result in civil liability and penalties and/or criminal liability.