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Reg E Reverse Provisional on EFT Dispute ATM

Answered by: 
Brian Crow

Question: 
We have an EFT dispute on a Pinned ATM transaction. The customer withdrew money from another bank's ATM (which shows on her statement). She did not receive the funds. We entered a dispute on the transaction. The other banks ATM was in balance and we have been denied payment on the dispute. Under Reg E, can we reverse the provisional credit we gave to our customer?
Answer: 

If based on the other bank's claim that the funds were correctly dispsensed, you have concluded that no electronic funds transfer error occurred, and you are within your 45-day investgation timeframe, then yes you may revoke the provisional credit.

Notify the customer of your findings in writing and be sure to honor debits for 5 business days up to the amount of the revoked credit. If the customer asked for the documentation you used to make your decision, provide the documents supplied by the other bank in response to your claim.

First published on BankersOnline.com 2/18/13.

First published on 02/18/2013

Filed under: 
Technology
Filed under technology as: 
ATM
EFT

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