With Automatic Bill Payment, the transaction passes electronically from one financial institution to another. In between, encryption, electronic data scrambling, message authentication and other security procedures protect the information. The Federal Reserve Banks' Regulation E and The National Automated Clearing House Association's operating rules regulate Automatic Bill Payment. In most cases, TranZero must receive your authorization no less than 14 days prior to the first payment due date. Any problem can usually be handled quickly.
Regulation E protects consumers.
Regulation E. prevents unauthorized debits from your account. It also prohibits a company from taking money from your bank account before the date specified and requires a company to inform you 10 days before changing the amount or due date. Your financial institution protects your information. You have much more privacy with Automatic Bill Payment than with checks. Automatic Bill Payment does not give companies' access to your financial accounts.