I have a question about this scenario:
On July 9, I use my debit card to make a purchase from my checking account. There is no money in my checking account, but I have credit available in my overdraft protection line of credit. The purchase is authorized based on this credit being available (taking me from Reg E territory into Reg Z territory). On July 10 (the next day), the settlement for the purchase is done and my line of credit is advanced to cover the purchase.
Question: Is the loan advance effective July 9 (when the purchase was authorized and I got my goods) or July 10 (when the loan advance was actually done)?
I can't find this specifically addressed in Reg Z, so my interpretation is that as long as you disclose when finance charges begin to accrue you can do it either way. I have a member arguing Reg Z violation and claiming violation of usery laws. Anyone had experience with this, or had to address this scenario?

If I buy 100 widgets Saturday at the local store and use my credit card, the transaction clears the bank when, and when does the FC begin accruing?