Reg E 1005.11(b) only requires that the customer provide their name, enough information for you to identify their account number, and why they believe an error exists. Banks have recently been cited for UDAAP for requiring more from consumers than is stated in their EFT disclosure and is permitted by Regulation E.
Last edited by BrianC; 07/22/14 05:32 PM.
If they fail to provide written confirmation, you may withhold provisional credit, but cannot base your investigation solely on the failure to have written confirmation and you still must complete your investigation in 45 or 90 days depending on the type of transactions.
That being said, you don't have to just refund the money. For an ACH transaction, you may attempt to contact the ODFI under NACHA rules and request a copy of the written authorization the originator is required to obtain. VISA/MasterCard permit you to file a retrieval request for debit card transactions which requires that the merchant provide a copy of the sales receipt or online authorization information.
Based on your investigation, you can decide if the customer is entitled to credit or not.
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