Expedited recredit for consumers.

CFR · 2024-01-01 · US · Title 12

(a) (1) The bank holding the consumer's account charged that account for a substitute check that was provided to the consumer (although the consumer need not be in possession of that substitute check at the time he or she submits a claim); (2) The substitute check was not properly charged to the consumer account or the consumer has a warranty claim with respect to the substitute check; (3) The consumer suffered a resulting loss; and (4) Production of the original check or a sufficient copy is necessary to determine whether or not the substitute check in fact was improperly charged or whether the consumer's warranty claim is valid. (b) (1) (A) The periodic account statement that contains information concerning the transaction giving rise to the claim; or (B) The substitute check giving rise to the claim. (ii) If the consumer cannot submit his or her claim by the time specified in paragraph (b)(1)(i) of this section because of extenuating circumstances, the bank shall extend the 40-calendar-day period by an additional reasonable amount of time. (iii) If a consumer makes a claim orally and the bank requires the claim to be in writing, the consumer's claim is timely if the oral claim was received within the time described in paragraphs (b)(1)(i)-(ii) of this section and the written claim was received within the time described in paragraph (b)(3)(ii) of this section. (2) (A) A description of the consumer's claim, including the reason why the consumer believes his or her account wa

official document · source cfr-2024 · id 12:§ 229.54