Consumer Handbook to credit protection

Your periodic bank statement must also show all electronic onic transfers to and from your account, including those made with debit cards, by a preauthorized arrangement, or under a telephone transfer plan. It will also name the party to whom payment has been made and show any fees for EFT services (or the total amount charged for account maintenance) and your opening and closing balances. Your monthly statement is proof of payment to another person, you your record for tax or other purposes, and your way of checking and reconciling EFT transactions with your bank balance.

How Easily Will I Be Able to Correct Errors?

The way to report errors is somewhat different with EFT h EFT services than it is with credit cards (see page 22 for correctin credit billing errors). But, as with credit cards, financial institutions must investigate and correct promptly any EFT errors you report.

If you believe there has been an error in an electronic fund fund transfer relating to your account: 1. Write or call your financial institution immediately if y if possible, but no later than 60 days from the date the first statement that you think shows an error was mailed to you. Give your name and account number and explain why you believe there is an error, what kind of error, and the dollar amount and date in question. If you call, you may be asked to send this information in writing within 10 business days. 2. The financial institution must promptly investigate an error rror and resolve it within 45 days. However, if the financial institution takes longer than 10 business days to complete its investigation, generally it must put back into your account the amount in question while it finishes the investigation. (The time periods are longer for POS debit card transactions and for any EFT transaction initiated outside the United States.) In the meantime, you will have full use of the funds in question. 3. The financial institution must notify you of the results of s of its investigation. If there was an error, the institution must correct it promptly--for example, by making a recredit final. If it finds no error, the financial institution must explain in n in writing why it believes no error occurred and let you know that i has deducted any amount recredited during the investigation. You may ask for copies of documents relied on in the investigation.