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#63257 - 02/24/03 07:42 PM Reg E Compliance
Anonymous
Unregistered

A customer gave authorization to debit her account by use of a debit card and then changed her mind and wanted a refund. The company told her they would give her a refund but her account would still be charged before they could process the refund. In the meantime, she came in and filled out a unauthorized notification with us because the company had not refunded her money. We have filed that form with our debit card provider but they cannot do anything for 30 days since there migh possibly be a refund. We are now at the end of our alloted 10 days and need to do something! The only likely action I think we might have is to give provisional credit for the amount and wait the time period for the possible refund. Is there another solution or is this the right action?

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Operations Compliance
#63258 - 02/24/03 09:16 PM Re: Reg E Compliance
Andy_Z Offline
10K Club
Andy_Z
Joined: Oct 2000
Posts: 27,748
On the Net
You have the best solution. For additional comments, see the double post.
_________________________
AndyZ CRCM
My opinions are not necessarily my employers.
R+R-R=R+R
Rules and Regs minus Relationships equals Resentment and Rebellion. John Maxwell

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#63259 - 02/24/03 09:50 PM Re: Reg E Compliance
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
I respectfully disagree with the "King of Threads" on this one. Reading the thread to which Andy linked will tell you why.
_________________________
John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
Bankers' Threads User #8

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