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#1181244 - 05/12/09 03:33 PM Reg E - Merchant refunds after final credit given
Libby P. Offline
Platinum Poster
Joined: Sep 2007
Posts: 564
Mississippi, USA
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


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eBanking / Technology
#1181747 - 05/12/09 07:41 PM Re: Reg E - Merchant refunds after final credit given Libby P.
BrianC Offline
Power Poster
BrianC
Joined: Nov 2004
Posts: 5,803
Illinois
In this situation I send the customer letter stating that the merchant issued them a credit for a transaction that the bank had already reversed for them. Then state that you are reversing the merchant's credit, not the final credit from the initial dispute.
You are therefore not denying the Reg E claim (which you can't do once final credit is given).
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Sola Gratia, Sola Fides, Sola Scriptura, Solus Christus, Soli Deo Gloria!
www.tcaregs.com

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#1181844 - 05/12/09 08:29 PM Re: Reg E - Merchant refunds after final credit given BrianC
LynnH Offline
100 Club
LynnH
Joined: Dec 2002
Posts: 129
NH
We do the same as crowman3,

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