Answer:
Sometimes the reason you can't find something is because it isn't there. There is no time limit for completion of the adjustment, as far as I know.
First published on BankersOnline.com 6/20/05
Time Limit to Credit Unauthorized Drafts
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Question:
Our customer has an account at another bank that was charged with unauthorized paper drafts. The customer reported the entries to the bank in a timely manner. The bank states they will credit the account once a police report has been provided (which is pending). Is there a time limit in which the bank must provide provisional credit (similar to the one required by Reg E for electronic items)? I find no reference to a time frame in the UCC or any other resource.
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