EFT Errors
EFT is not a perfect system; therefore customers should still be diligent in reviewing their EFT statements for possible errors as they would with any other type of transaction. Should a customer notice that there has been an error in an electronic fund transfer relating to their account certain steps must be taken:
Under the Act, the customer must:
- Write or call the financial institution immediately if possible
- Must be no later than 60 days from the date of erroneous statement
- Give their name and account number
- Explain why they believe there is an error, the type, dollar amount and date
- May be required to send details of the error in writing within 10 business days
Under the Act, the financial institution must:
- Promptly investigate the error and resolve it within 45 days
- Errors involving new accounts (opened last 30 days), POS transactions, and foreign transactions may take up to 90 days
- If it takes more than 10 business days to complete the investigation:
- Must recredit the amount in question
- For new accounts may take up to 20 business days to recredit the account
- Must notify customer of the results of investigation:
- If there was error – correct it or make recredit final
- If no error – explanation in writing, notify customer of deducted recredit
- Customer has the right to ask for copies of any documents relied on in the investigation
Read more about this topic: Electronic Fund Transfer Act
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But only sluggish duck and drake.”
—T.S. (Thomas Stearns)
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—Ernest Renan (1823–1892)