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Bank Obligations for Claims

Answered by: 

Question: 
When a claim is made for unauthorized EFTs, what must we do?
Answer: 

In a nutshell, the bank has to initiate an investigation and follow prescribed timelines for completion, report the results of this to the consumer within 3 business days, and correct any error within one business day. Obviously there are many steps and requirements in these general areas.

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Learn more about Andy Zavoina’s Reg E Guidance – EFT Compliance webinar.

First published on 01/16/2022

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