Answer:
I assume that by "EFT," you mean an EFT error claim.
No, if a consumer makes a Regulation E error claim that satisfies the requirements of Section 205.11(a)(1) within the time limit described in Section 205.11(b)(1)(i), the bank is required to follow up with a prompt investigation and resolution of the claim, whether or not the claim is in writing or signed. If the claim is not made in writing, the bank can inform the consumer that it must be confirmed in writing if the consumer wants provisional credit in the event the bank can't complete its investigation within ten business days. The consumer's failure to confirm the claim in writing cannot be used as an excuse for denying the claim.
I realize that not having a signed statement from the consumer may limit the bank's ability to pursue certain card network (MasterCard/VISA) remedies. However, the card network rules do not limit your bank's responsibility for complying with Regulation E.
First published on BankersOnline.com 11/15/10
print
share