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#455339 - 11/10/05 03:57 PM EFT error timeline
Anonymous
Unregistered

Customer reports an EFT error on 11/4/05, the 10th day is 10/13/05 which is a Sunday. Do we have to provide provisional credit on the 10th? We are not open for business on the 11th (holiday)...

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eBanking / Technology
#455340 - 11/10/05 08:38 PM Re: EFT error timeline
Anonymous
Unregistered

(i) Provisionally credits the consumer's account in the amount of the alleged error (including interest where applicable) WITHIN 10 business days of receiving the error notice.

10 business days from November 4 would be November 21st. (November 11th, our bank is closed for Veterans Day)

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#455341 - 11/10/05 08:48 PM Re: EFT error timeline
Click Here Offline
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Joined: Nov 2005
Posts: 32
The timeframe within which you are working should be calculated in business days. Business days exclude weekends and holidays. Therefore, if you have already determined this timeframe is applicable to this claim, you are required to either resolve the claim or provide provisional credit by 11/21/05 in order to extend your timeframe for resolution.

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#455342 - 11/14/05 08:14 PM Re: EFT error timeline
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,748
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The liability calculator will help out. There are other free tools that will assist you as well.

It is business days, watch the holidays, and know what a "day" is under Reg. E as well. (Hint, it ends at midnight.)
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