EFTA Reg E - ERROR RESOLUTION FLOW CHART, Summaries of Business

Download EFTA Reg E - ERROR RESOLUTION FLOW CHART and more Summaries Business in PDF only on Docsity! NO YES NO YES Financial Solutions June 2011 NO NO Applies to Accounts OnlyConsumer EFTA Reg E - ERROR RESOLUTION FLOW CHART Can the error be resolved within 10 business days? (5 business days for EFTs authorized by Visa or 20 business days for new accounts) Customer reported via written notice of potential error? (No later than 60 days after transmittal of statement where error first appeared.*) If no error occurred, debit the consumer’s account for amounts provisionally credited, if any, and provide explanation of your findings. Advise customer within 3 business days of completing investigation: Date and amount of debit for reversal of provisional credit, if applicable. The bank will honor any preauthorized transfers, checks, and drafts payable to third parties for 5 business days after sending the notice up to amount of provisional credit, charging no fees for resulting overdraft. Remind consumer of right to request the documents the bank relied on to make its determination. written    Was the error reported verbally? Customer complied with request to document error in writing within 10 business days? Determine if error has occurred within 10 business days of notice. No provisional credit is required. If needed, extend investigation period up to 45 calendar days. Extend up to 90 calendar days for POS debit card transactions, transactions initiated from outside the USA (international ATM transaction, inbound IAT ACH etc,) or new account transaction that occurred within 30 days of a new account’s first deposit. Within 3 business days after concluding no error has occurred but not later than 45 calendar days after receiving the claim (or 90 calendar days for POS debit card transactions, transactions initiated from outside the USA, or new accounts), provide consumer a written explanation of findings. Explain customer’s rights to request documents used to make determination. If dispute cannot be resolved within the applicable 10 or 20 day period, provisionally credit consumer’s account with disputed amount plus any interest lost and/or fees charged as a result of the error. Within 2 business days after credit, notify consumer (verbally or in writing) of provisional credit. Include date and amount, plus notification that customer has full use of amount until bank determines if error occurred. If needed, extend investigation period up to 45 calendar days. Extend up to 90 calendar days for POS debit card transactions, transactions initiated from outside the USA (international ATM transaction, inbound IAT ACH, etc.) or new accounts. YES YES Correct error within 1 business day and notify customer in writing within 3 business days of completing investigation. If applicable, credit interest and refund any fees imposed as a result of the error. If provisionally credited, confirm or adjust final amount and notify customer that provisional credit is final. Final resolution be reversed, even if more information later proves the error did not occur. can not YES NO Did an error occur? * Note: If consumer customer reports dispute 60 calendar days following of statement where error first appeared: a. You must still investigate and determine whether or not an error occurred; b. No Reg E deadlines for timely completion of investigation apply; c. No provisional credit is required, regardless of customer's written or verbal dispute; and d. Same liability calculations apply to determine customer liability as for a timely reported dispute. Final resolution be reversed, even if more information later proves the error did not occur. later than can not transmittal IMPORTANT: Refer to clarifying details and consumer liability calculations on next page!