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Reg E Claim Time Frame

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Question: 
What is the time frame for a consumer to file a Reg E claim?
Answer: 

There are really two different sorts of claims that a consumer can file. Under section 205.11 of the regulation, a consumer has 60 days from the date an alleged EFT error appears on a delivered statement to file a claim and have it handled under the procedural rules of that section. Errors covered by that section include the seven types of errors listed in subsection 205.11(a)(1): unauthorized EFTs; incorrect EFTs to or from the account; omission of an EFT from the statement; a computational or bookkeeping error by the financial institution regarding an EFT; a cash dispensing error at an electronic terminal (ATM); an incorrectly-identified EFT on either a machine receipt or a periodic statement or a request for information concerning an EFT in order to determine whether one of the other six error types applies. The second sort of claim (which may be made at the same time as a claim under section 205.11) is a claim that an EFT was unauthorized under section 205.6. There is no deadline for such a claim, but the time frames in section 205.6 determine the amount of the consumer's liability for any transaction that was unauthorized.

First published on BankersOnline.com 1/12/09

First published on 01/12/2009

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