Reg E Numbers Quiz
Gap-Fill Exercise
Click on the hint button below for help.
Under Regulation E, there are three time frames for the investigation and error resolution procedures: 1) for "regular" EFT errors; 2) for errors on new accounts; 3) for errors in connection with point of sale debit card transactions or foreign-initiated transactions.
Normally, you must determine whether an error occurred within
of receiving a notice of error. You must report the results to the consumer within
after completing your investigation. The institution shall correct the error within
after determining that an error occurred.
If you want to avail yourself of a longer investigatory period, however, you may do so if you are unable to complete your investigation within the above period. In such an instance, you may take up to
from receipt of a notice of error to investigate and determine whether an error occurred. In order to utilize this longer investigatory period, you must do the following:
Provisionally credit the consumer's account in the amount of the alleged error (including interest where applicable) within
of receiving the error notice. (There are some exceptions to this.)
Inform the consumer, within
after the provisional crediting, of the amount and date of the provisional crediting and give the consumer full use of the funds during the investigation;
Correct the error, if any, within
after determining that an error occurred; and
Report the results to the consumer within
after completing your investigation (including, if applicable, notice that a provisional credit has been made final).
For errors on new accounts, the time period for the initial investigation is
, and for the extended investigative period on both new accounts and or for errors in connection with point of sale debit card transactions or foreign-initiated transactions, it is
, rather than
.
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