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Episode 68 of the podcast discusses the electronic funds transfer (EFT) investigation process under the Electronic Funds Transfer Act. Hosts Dean and Len will highlight the importance of consumer protection in EFT and money transfers and outline the process for consumers to dispute fraudulent or fraudulent transactions. They emphasize that financial institutions must begin investigating disputes as soon as they receive verbal or written notification from a consumer. Regulations mandate strict schedules for these. See more +
Episode 68 of the podcast discusses the electronic funds transfer (EFT) investigation process under the Electronic Funds Transfer Act. Hosts Dean and Len will highlight the importance of consumer protection in EFT and money transfers and outline the process for consumers to dispute fraudulent or fraudulent transactions. They emphasize that financial institutions must begin investigating disputes as soon as they receive verbal or written notification from a consumer. The regulation mandates a strict timeline for these investigations, with each agency conducting an investigation for 10 business days, with the ability to extend to 45 or 90 days in certain cases if interim credit is provided. . This episode highlights the need for financial institutions to be aware of and comply with these regulations, including the application of Regulation E to person-to-person (P2P) payments. Hosts encourage listeners to stay informed about their institutions’ error resolution processes and conclude by suggesting topics for future podcasts.
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