Electronic Fund Transfer Act - EFT Errors

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