The Fair Credit Billing Act (FCBA) and Electronic Fund Transfer Act (EFTA) establish procedures for resolving errors on credit and bank-account statements, respectively, including:
o credit charges or electronic fund transfers that you – or anyone you’ve authorized to utilize your account – have not made.
o credit charges or electronic fund transfers which are incorrectly identified or show the incorrect amount or date.
o computation or similar errors.
o a failure to properly reflect payments or credits, or electronic fund transfers;
o not mailing or delivering credit billing statements to your overall address, provided that that address was received by the creditor in writing at least 20 days prior to the billing period ended; and
o credit charges or electronic fund transfers for that you request a reason or documentation, due to a possible error.
For credit: The FCBA generally relates to “open end” credit accounts – that is, bank cards and revolving charge accounts, like department store accounts. It generally does not connect with loans or credit sales which are paid based on a fixed schedule before the entire amount is paid back, such as an automobile loan.
Beneath the FCBA, your liability for lost or stolen bank cards is restricted to $50. Notify your card issuer promptly upon discovering the loss. Many companies have toll-free numbers and 24-hour service to cope with such emergencies. Followup with a letter. Write to the creditor at the address given for “billing inquiries,” not the address for sending your 소액결제 현금화, and include your name, address, account number and an outline of the billing error. Send your letter so that it reaches the creditor within 60 days after the initial bill containing the error was mailed to you. And if you return your letter by certified mail, return receipt requested, you should have proof that the creditor received it. Include copies (not originals) of sales slips and other documents that support your position. Keep a copy of one’s dispute letter.
The creditor must acknowledge your dispute in writing within 30 days after it’s received, unless the issue is resolved within that period. The creditor must conduct an investigation and either correct the mistake or explain why the bill is believed to be correct, within two billing cycles (but less than 90 days), unless the creditor provides a lasting credit instead. You might withhold payment of the amount in dispute and any related finance charges and the creditor may not take any action to collect that amount through the dispute.
For debit: The EFTA relates to electronic fund transfers – transactions involving automated teller machines (ATMs), debit cards and other point-of-sale debit transactions, and other electronic banking transactions that can result in the withdrawal of cash from your bank account.
Beneath the EFTA, if you have a mistake or unauthorized withdrawal from your bank-account through the utilization of a debit card, and other electronic fund transfers, you have to notify your financial institution of the situation or error not later than 60 days following the statement containing the situation or error was sent. Although most financial institutions have a toll-free number to report the situation, you need to followup in writing. For retail purchases, your financial institution has as much as 10 business days to investigate after receiving your notice of the error. The financial institution must inform you the outcomes of its investigation within three business days of completing its investigation. The error must certanly be corrected within one business day after determining the error has occurred. If the institution needs more hours, it could take as much as 90 days to perform the investigation – but only if it returns the money in dispute to your account within 10 business days after receiving notice of the error, while it reviews your concerns.
If someone uses your debit card, or makes other electronic fund transfers, without your permission, you can lose from $50 to $500 or more, based on when you report the loss or theft. In the event that you report the loss within two business days after you find the situation, you won’t be responsible for more than $50 for unauthorized use. However, if you do not report the loss within two business days after you realize the card is missing, but you do report its loss within 60 days after your statement is mailed to you, you could lose around $500 because of an unauthorized withdrawal. And, if you do not report an unauthorized transfer or withdrawal within 60 days after your statement is mailed to you, you risk unlimited loss. Meaning you could lose all of the money in to your account and the unused portion of one’s maximum line of credit established for overdrafts.Some financial institutions may voluntarily cap your liability at $50 for many forms of transactions, regardless of when you report the loss or theft; because that is voluntary, their policies could change at any time. Ask your financial institution about its liability limits.
For stored-value: The FCBA and the EFTA may not cover stored-value cards or transactions involving them, so you might not be covered for loss or misuse of the card. However, stored-value cards still may be ideal for micropayments and other small purchases online because they could be convenient and – in some cases – offer anonymity. Before you buy a stored-value card and other form of e-money, ask the issuer for written information regarding the product’s features. Learn the card’s dollar limit, whether it’s reloadable or disposable, if there’s an expiration date, and any fees to utilize, reload or redeem (return it for a refund) the product. At once, enquire about your rights and responsibilities. As an example, does the issuer offer any protection in the case of a missing, stolen, misused, or malfunctioning card, and who can you call if you have a question or trouble with the card