Our customer filed a claim on 01/27/2009 for an unauthroized EFT. Final credit was given on 02/05/2009. Merchant refunded customer's checking account on 02/10/2009. Bank revoked final credit on 02/20/2009 upon realizing merchant had refunded customer's checking account.
12 CFR 205.11 states that upon debiting a provisionally credit amount...blah, blah, blah.
If the bank had never given provisional credit but gave final credit and sent the customer a letter stating that final credit had been given, would the bank still need to sent a written explanation as to why the final credit was debited or does the written explanation only apply when provisional credit is given?
Lela Purvis, CRCM/CCBCO/CBAP