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#236215 - 08/24/04 07:47 PM dispute a late return

How long does a bank have to dispute a late return? I received a letter today that they are disputing a late return from 10/31/03. I could not find the rule right away but I thought they had 48 hours to protest a late return. is this correct or incorrect? and where is the ruling? This is on a paper check and not an ACH item.

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#236216 - 08/24/04 10:25 PM Re: dispute a late return
Paragon Offline
Diamond Poster
Joined: Dec 2003
Posts: 2,164
It's my understanding that a bank that receives a late return has two months to dispute it through the FRB, Check Adjustments. I doubt that the 'letter' noted is from the FRB, it's probably from another financial institution that is engaged in wishful thinking.

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#236217 - 08/25/04 02:52 PM Re: dispute a late return
Mike Baker Offline
100 Club
Mike Baker
Joined: Dec 2002
Posts: 192
If I am understanding the situation correctly, then I think that Ken/Pegasus has addressed this matter in another thread, entitled "late return claim." Please look at Ken's response in that thread.
"When you believe He's all you need,that will be your defining moment." [from "Defining Moment" Newsong, Sheltering Tree CD]

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