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#1991824 - 01/28/15 06:22 PM EFT Resolution Dates
n2compliance Offline
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n2compliance
Joined: May 2011
Posts: 102
A customer goes into a branch on Monday and completes an affidavit stating that he didn't authorize an electronic debit. He signs and dates the affidavit on Monday. The branch does not send the affidavit to the operations department until Thursday. Does the 10-day requirement for provisional credit begin on Monday (the day the complaint was actually received by the branch) or on Thursday (the day it was received by the operations department)?

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General Discussion
#1991837 - 01/28/15 06:36 PM Re: EFT Resolution Dates n2compliance
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,557
Cape Cod
Start counting with the date the customer made the error claim. The regulation doesn't allow the bank to make its operational problems its customer's problems.
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John S. Burnett
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#1991877 - 01/28/15 07:42 PM Re: EFT Resolution Dates n2compliance
Skittles Online
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Skittles
Joined: Sep 2002
Posts: 13,963
TN
Sounds like a training opportunity n2.
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#1991947 - 01/28/15 09:03 PM Re: EFT Resolution Dates n2compliance
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 39,557
Cape Cod
Also an opportunity to tighten up operational controls and/or procedures. Why did it take three days for the claim to get to the back-office department? Suggestion for change: Scan the claim form/affidavit and notify the department electronically that it's there.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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