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Reversing Fees When Consumer Partially Liable

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If a $500.00 liability is imposed on a $760.69 claim and there were some NSF and transfer fess associated, are we required to reverse those fees?

Yes, these fees must be reversed. The staff interpretations to Section 1005.11(c) state: "Correction of an error. If the financial institution determines an error occurred, within either the 10-day or 45-day period, it must correct the error (subject to the liability provisions of Section Section 1005.6(a) and (b)) including, where applicable, the crediting of interest and the refunding of any fees imposed by the institution. In a combined credit/EFT transaction, for example, the institution must refund any finance charges incurred as a result of the error. The institution need not refund fees that would have been imposed whether or not the error occurred."

First published on 11/26/12

First published on 11/26/2012

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