Liability of consumer for unauthorized transfers.

CFR · 2024-01-01 · US · Title 12

(a) (b) (1) (2) (i) $50 or the amount of unauthorized transfers that occur within the two business days, whichever is less; and (ii) The amount of unauthorized transfers that occur after the close of two business days and before notice to the institution, provided the institution establishes that these transfers would not have occurred had the consumer notified the institution within that two-day period. (3) (4) (5) (ii) The consumer may notify the institution in person, by telephone, or in writing. (iii) Written notice is considered given at the time the consumer mails the notice or delivers it for transmission to the institution by any other usual means. Notice may be considered constructively given when the institution becomes aware of circumstances leading to the reasonable belief that an unauthorized transfer to or from the consumer's account has been or may be made. (6)

official document · source cfr-2024 · id 12:§ 1005.6