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#828547 - 10/03/07 10:16 PM Debit Card Processing Issue
Banker Chick Offline
Junior Member
Joined: Jul 2006
Posts: 37
TN
Is there a time limitation on how far back a bank may debit customer debit card transactions from customer accounts?

[b]Here is the potential scenario:
Customer authorizes debit transaction over a year ago. The item was paid to the vendor at the time of transaction. However, customer accounts were never debited for the amount authorized and items did not show on periodic statements.

Is there a regulatory time frame ie 30/60/90/365 days that a Bank may debit a customer accounts for transactions they authorized over a year ago?

Any input is appreciated.

Thanks,
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#828587 - 10/04/07 02:43 AM Re: Debit Card Processing Issue Banker Chick
John Burnett Offline
10K Club
John Burnett
Joined: Oct 2000
Posts: 40,086
Cape Cod
No regulatory deadline.
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John S. Burnett
BankersOnline.com
Fighting for Compliance since 1976
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