We recently had a customer notify us via phone call of a POS transaction debiting his account that he did not make. We gave him his Provisional Credit; however, he did not give us the necessary paperwork for us to file with our processor until 6 calendar days later. We are now approaching 45 days since the customer notified the bank. I called our processor about the time frame and I was told the 45 days time frame was Reg E only and did not apply in this case since they had requested a receipt copy from the merchant. She told me the merchant has 30 days from the date the processor filed the request to respond. My question is how do we proceed once we reach the 45 days since the customer notified the bank if we have not received the response from the merchant? Dates: Customer Notified Bank 5/25/11 Dispute Filed with Processor 5/31/11 Processor Submitted Copy Request 6/8/11
If a customer "opts in" to have their statements provided in their online banking, are we obligated or regulated to send them a paper statement AND online statement the 1st month their statement cycles?
If we offer an account without check writing, does a "wet" signature need to be obtained during account opening or can that step be eliminated?
We submitted an ACH PPD on 6/23/11. We received it back on 6/28/11 with Return Reason Code R01. Is this considered a late return?
In most cases, when an EFT error (ACH) is reported to us, the investigation is initiated immediately and completed within 10 days. Our bank requires written confirmation for all EFT errors that are reported. We realize that without written confirmation, it does not delay the initiation or completion of the investigation. However, what are our requirements for crediting if the customer does not give us written confirmation within 10 days? Do we have to follow the provisional credit rules? Or do we just let the reported error “hang” until we get that written confirmation?