Treatment of credit balances; account termination.

CFR · 2024-01-01 · US · Title 12

(a) (1) Credit the amount of the credit balance to the consumer's account; (2) Refund any part of the remaining credit balance within seven business days from receipt of a written request from the consumer; (3) Make a good faith effort to refund to the consumer by cash, check, or money order, or credit to a deposit account of the consumer, any part of the credit balance remaining in the account for more than six months. No further action is required if the consumer's current location is not known to the creditor and cannot be traced through the consumer's last known address or telephone number. (b) (2) Nothing in paragraph (b)(1) of this section prohibits a creditor from terminating an account that is inactive for three or more consecutive months. An account is inactive for purposes of this paragraph if no credit has been extended (such as by purchase, cash advance or balance transfer) and if the account has no outstanding balance. (c) (ii) (2) (ii) (3) (ii)

official document · source cfr-2024 · id 12:§ 226.11