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#98864 - 07/18/03 11:05 PM Stolen Debit Card and 205.11
Anonymous
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205.11(a)(3) says a financial institution is required to comply with the error resolution procedures when a consumer reports the loss or theft of an access device if the consumer also alleges possible unauthorized use as a consequence of the loss or theft.

Consumer notified branch of a stolen card within 2 days.
Consumer does not actually dispute transactions until 12 days later and he signed the affidavit the same day,
Which date do I start counting from?

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General Discussion
#98865 - 07/20/03 04:12 PM Re: Stolen Debit Card and 205.11
Andy_Z Offline
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Andy_Z
Joined: Oct 2000
Posts: 27,546
On the Net
From the date of the notice of error.

"I lost my card" puts liability from that date on, on you.

"Hey, I now see my money is gone." is the date you'd start an investigation if you didn't see this on your own before.
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AndyZ CRCM
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#98866 - 07/21/03 12:34 PM Re: Stolen Debit Card and 205.11
John Burnett Offline
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John Burnett
Joined: Oct 2000
Posts: 39,796
Cape Cod
Quote:

. . . if you didn't see this on your own before.




These are 9 very important words.
The bank's duty to start an investigation under 205.11 begins when the consumer questions a transaction. If the bank notices an apparently unauthorized transaction itself and takes steps to correct it, the provisions of 205.11 do not apply. For instance, there's no provisional credit requirement, and the "case" would not have to be "closed" within 10 days. Of course, good customer service calls for the bank to be efficient in its handling of the problem, and to notify the customer of the correction ASAP, if for no other reason than to avoid having the customer assert the error himself (triggering 205.11).
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