This is saying that everything in 1005.11 (requirements for provisional credit, resolve claim in 45/90 days) does not apply. However, if the claim involves an unauthorized EFT, you still must reimburse the customer for any unauthorized transactions according to the liability schedule in 1005.6(b).
Last edited by BrianC; 01/24/23 06:50 PM. Reason: Corrected Citations
This means that if I claimed I had unauthorized transactons going back to January 2, 2022, the bank would be liable for reimbursing the customer for all transactions between January 2, 2022 and 60 days after you transmitted the January statement (based on 1005.6(b)(3)).
However, if I claimed an incorrect EFT happened on January 2, 2022 (e.g. I authorized $100.00 but was charged $1,000.00) you would not have to investigate since 1005.11 does not apply due to late notice and 1005.6(b) would not apply since I am not asserting that the claim is unauthorized and 1005.6(b). In other words, you would not have to investigate this claim because the customer took too long to notify of the error.
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