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ATM Error Reporting & Correction

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Question: 
When a bank owned ATM gives approval for a cash withdrawal transaction on a credit card (not a debit card), but no money was received and the amount shows as a charge on the credit card, who is responsible for filing the report and/or correcting the error?
Answer: 

Under Reg Z typically it is the consumer who will detect and report the error. This places into motion the investigation which would have the lender bank and the bank owning the ATM talking to one another so that each can properly balance their books. If either the lending bank or ATM owning bank knew of the error they could start the process of correcting the error, but I know of nothing in Reg Z requiring this.

First published on BankersOnline.com 5/28/07

First published on 05/28/2007

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