Skip to content

Late Reg E claims; use modified rules?

Answered by: 

Can you explain a late claim and the process that needs to be taken?

Any claim made after “statement + 60” does not require the bank to follow the investigation rules under 1005.11. But how will you determine liability? You need to investigate what charges happened, when, and were they unauthorized? That determines liability.

What the bank does not have to do as it normally would, is 1) pay provisional credit or 2) complete the stale claim within 10 business days, 45 calendar days or any other time limit. What should be done is to work the claim and not ignore it or allow be forgotten. Keep it moving. If there is no suspense date awaiting copies of receipts or video, what is happening and when should the claim be determined? How would you want your mom or grandma to be handled?

First published on 11/28/2021

Banker Store View All

From training, policies, forms, and publications, to office products and occasional gifts, it’s available here:

Banker Store

hot right now

image description

Looking for effective, convenient training on a particular subject?

BOL Learning Connect offers more than 200 courses ON-DEMAND or on CD ROM from AML to Reg Z and every topic in between.

Search Topics