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#356586 - 05/06/05 03:57 PM Reg E and closed accounts
Zamboni Driver Offline
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If a customer submits a Reg E claim for a debit card transaction on an account that has been recently closed (notice has been given within the 60 days of the statement containing the error), I know we have to research the claim and treat it the same as a claim for an open account. However, if we are unable to complete our research within 10 days, how do we handle the provisional credit - particularly if we end up denying the claim?

Thanks
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eBanking / Technology
#356587 - 05/06/05 04:03 PM Re: Reg E and closed accounts
Andy_Z Offline
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You have to make the consumer whole. Personally I'd try to open the account again. The reg does say you'll credit the consumers account. But you cannot control the use of the funds, whether it is in your bank or another. So if you must extend the investigation and deny the claim, you'll have to ask for the money back, nicely, not so nicely and legally if you must. It is a cost decision.
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#356588 - 05/06/05 04:10 PM Re: Reg E and closed accounts
Zamboni Driver Offline
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Zamboni Driver
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Going round and round
Andy - thanks for the quick response. That's what I was thinking, but wanted validation.

ZD
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Moderated by:  Andy_Z