But when determining if you can extend the investigation period to 90 days (instead of 45 days) after issuing provisional credit, is a foreign ATM simply one not owned by your bank?
Reg E 205.11(c)(3)(ii)(A) says:
(ii) The applicable time is 90 days in place of 45 days under paragraph (c)(2) of this section, for completing an investigation, if a notice of error involves an electronic fund transfer that:
(A) Was not initiated within a state;
I've seen compliance resources that consider this as only pertaining to ATM's not located in the U.S., and other resources that say this means not in the same state as the bank.
The Commentary is silent. But in the Reg itself under definitions - 205.2 (l) it states:
(l) State means any state, territory, or possession of the United States; the District of Columbia; the Commonwealth of Puerto Rico; or any political subdivision of the above in this paragraph (l).
So I'm assuming we can only extend the investigation period for really foreign (not in this country) ATM's.
If anyone has on good authority something that says otherwise, please let me know. Thanks!
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CRCM,CAMS
Regulations are a poor substitute for ethics.
Just sayin'