For many consumers, electronic banking means 24-hour access to cash through an automated teller machine
ATM card, debit card or
Direct Deposit
of paychecks into checking or savings accounts.
But electronic banking is not error-free and mistakes can
occur.
Here's how to deal with errors in your electronic banking
account or your debit card statement.
You have 60 days from the date a periodic statement containing a problem or error was sent to you to notify your financial institution. The best way to protect yourself if an error occurs - including erroneous charges or withdrawals from an account, or for a lost or stolen ATM or debit card - is to notify the financial institution by certified letter, return receipt requested, so you can prove that the institution received your letter. Keep a copy of the letter for your records.
If you fail to notify the institution of the error within 60 days, you may have little recourse.
Once you've notified the financial institution about an error on your statement, it has 10 business days to investigate.
The institution must tell you the results of its investigation within three business days after completing it and must correct an error within one business day after determining that the error has occurred.
If the institution needs more time, it may take up to 45 days, in most situations, to complete the investigation - but only if the money in dispute is returned to your account and you're notified promptly of the credit. At the end of the investigation, if no error has been found, the institution may take the money back if it sends you a written explanation.
An error also may occur in connection with a point-of-sale purchase with a debit card. For example, an oil company might give you a debit card that lets you pay for gas purchases directly from your bank account. Or you may have a debit card that can be used for various types of retail purchases.
These purchases will appear on your periodic statement from the bank. In case of an error on your account, however, you should contact the card issuer (for example, an oil company or a bank) at the address or phone number provided by the company.
Once you've notified the company about the error, it has 10 business days to investigate and tell you the results. In this situation, it may take up to 90 days to complete an investigation.
If no error is found at the end of the investigation, the institution may take back the money if it sends you a written explanation.
Related
Articles:
7
Compelling Reasons Why A Prepaid Debit Card May Be Just
The Financial Tool You Need.
Paying With Plastic: Top Five Concerns About Paying With
Plastic And Their Solutions
Simple Ways To Avoid
Unnecessary Transaction Fees At The ATM.
Dealing
With Errors In Your Debit Card Statements.
What
You Must Know About Shopping Online With Your Debit
Card.
What
The Critics Have To Say About Debit Card Risks.
Ever
Had Your Debit Card or Credit Card Declined Even Though
You Knew You Had Available Credit, or Money in Your
Account? This Article Explains Why This Happens And How To Avoid This
Sometimes
Costly Problem.
What
To Do When Your Debit Card Or Credit Card Has Been Billed
For Merchandise You Never Received.
A
Consumers' Guide To E-Payments Including E-Money,
E-Wallet, Stored Value Cards, ATM Cards & Debit
Cards.
Recommended Debit Card:
Prepaid Visa Card
The Prepaid Visa Card you can use with Paypal
Western Union Prepaid Master Card
The Western Union Prepaid Debit Card is easy to get and easy to use. And best of all, it's affordable!
Gas Cards
Check out our new Gas Card pages where you can learn how to save money at the pump with Gas Rewards, Gas Visa, Hess Gas Card, Sunoco Gas Card and others. Includes gas card articles, and gas card links, rebates and gas card applications.
Prepaid Master Card
- Approval Guaranteed
Are You Looking For A Prepaid Mastecard Card That's Easy To Get
And Easy To Use? Then Check Out A Prepaid Mastercard Where No One Is Turned Down.
Prepaid Visa Card
Get A Prepaid Visa Card with the BEST customer service, EXCELLENT features, and
the LOWEST fees.
Looking For An
Offshore Debit Card?
Check Out My Review
Of A Variety Of Offshore Cards Including: Offshore ATM Cards,
Virtual Visa, Visa Classic And Offshore Visa Electron Card.
Virtual Credit Cards -
Also Known As Virtual Debit Cards, These Prepaid Cards Are Perfect For Online Shopping!
Debit Gift Cards-
Including Debit Master Cards Can Be Given As Gifts To Anyone Including Loved Ones. Or, They
Work Well As An Employee Reward Or Bonus.
Digital Gold Backed
Debit Cards
These Are Debit Cards That Anyone Anywhere In The World Can Apply For.
Debit Cards
With "The Power to Rebuild Your Credit" -
Learn About These Debit
Cards Which Offer What I Call The Extra Benefit Of "Beating The Credit
Reporting Agencies At Their Own Game".
Prepaid Debit Card Links From Around The Web
NEW! READYdebit Prepaid Visa Debit Card
NEW!
Facecard Prepaid
Mastercard - FREE Activation with NO ANNUAL OR MONTHLY FEE! FREE Money
Transfer to another Facecard account.
NEW!
Millennium Advantage
Pre-Paid MasterCard® - The Advantage is yours - apply for The Millennium
Advantage Card TODAY! The Millennium Advantage Card is a pre-paid MasterCard®
that gives you the convenience of paying bills on-line or over the telephone,
making on-line purchases and using your card wherever the debit MasterCard®
brand is accepted.
Apply For This Prepaid Visa Or Mastercard And Get A Free Credit Report -
FREE ACCOUNT TO ACCOUNT TRANSFERS (pay your friends and family),
Get Up To 3 Cards For Your Account (give extras to family members),
Reload Your Card With PAYPAL! Plus Much More!
EDITORS PICK!
100% Guaranteed Approval Debit
MasterCard
-
Get This Prepaid Mastercard With Free Online Bill Pay Credit Builder!
Instant Approval. No Credit Check! Free Activation!
Credit Repair Links:
Credit Repair:
Learn Some Useful Self Help Strategies.
Learn Answers
To Common
Credit Repair Questions.
For More
Information About Credit Repair, Debt And Bankruptcy Please Visit Our Web Links.
Miscellaneous Links:
Money Blog: Money Making Tips
And Money Saving Tips For Everyday People.
FREE Stuff and Great
DEALS - Click Here!!!!!
Money Saving
Coupons NEW!
All trademarks are the property of their
respective owners.
Articles From The
Money Blog
