Answer:
Randy Carey: When you receive a claim of an error as defined by Regulation E by a cardholder, 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:
(i) Provisionally credits the consumer's account in the amount of the alleged error (including interest where applicable) within 10 business days of receiving the error notice.
Depending on the card used and the circumstances, your card issuer agreement may require this to happen within 5 business days.
Answer:
Brian Crow: For an authorized signature based purchase, VISA/MasterCard will make you wait 15 days from the date of the promised refund before your institution has chargeback rights. Your ability to file a chargeback has no bearing on your obligation to provide provisional credit under Reg E rules that Randy provided..
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