Expedited recredit for banks.

CFR · 2024-01-01 · US · Title 12

(a) (1) The claimant bank or a bank that the claimant bank has indemnified— (i) Has received a claim for expedited recredit from a consumer under § 229.54; or (ii) Would have been subject to such a claim if the consumer account had been charged for the substitute check; (2) The claimant bank is obligated to provide an expedited recredit with respect to such substitute check under § 229.54 or otherwise has suffered a resulting loss; and (3) The production of the original check or a sufficient copy is necessary to determine the validity of the charge to the consumer account or the validity of any warranty claim connected with such substitute check. (b) (1) (2) (i) A description of the consumer's claim or the warranty claim related to the substitute check, including why the bank believes that the substitute check may not be properly charged to the consumer account; (ii) A statement that the claimant bank is obligated to recredit a consumer account under § 229.54 or otherwise has suffered a loss and an estimate of the amount of that recredit or loss, including interest if applicable; (iii) The reason why production of the original check or a sufficient copy is necessary to determine the validity of the charge to the consumer account or the warranty claim; and (iv) Sufficient information to allow the indemnifying bank to identify the substitute check and investigate the claim. (3) (4) (i) May permit the claimant bank to submit the written claim electronically; (ii) Shall inform a

official document · source cfr-2024 · id 12:§ 229.55