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.
Opinions expressed are my own and do not necessarily reflect those of my employer.