Reg E Investigation of Dispute (10 or 45 Days)

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Question:

Regulation E states the investigation of a dispute must be completed within 10 business days if written notice is given, but can take as long as 45 days if oral notice is given. If a customer calls the bank to report a disputed charge on their account related to their debit card on a Monday, comes in person to sign the dispute affidavit on Wednesday in order to receive provisional credit, is the investigation to be completed 45 calendar days from Monday or 10 business days from Wednesday?

Answer:

45 days from Monday.

1005.11(c)(2) Forty-five day period. If the financial institution is unable to complete its investigation within 10 business days, the institution may take up to 45 days from receipt of a notice of error to investigate and determine whether an error occurred, provided the institution does the following: