Time Frames Flashcards
ACH & Reg E (29 cards)
What is the standard return time frame for most ACH entries?
2 banking days from the settlement date.
How long does an RDFI have to return a consumer unauthorized debit (R10)?
60 calendar days from the settlement date.
What is the return time frame for an R11 (consumer claims error but not unauthorized)?
60 calendar days from the settlement date.
What is the return time frame for an R17 (questionable or suspected fraud)?
2 banking days.
How long does an RDFI have to return an improper reversal (R11 for consumer accounts)?
60 calendar days from the consumer’s claim.
What is the time frame for an ODFI to request a return (R06)?
No specific time frame, but RDFI must respond within 10 banking days.
How long must an ODFI wait before reinitiating a returned debit?
Only after resolving the issue; no specific wait period, but must comply with Nacha rules.
What is the time frame for a dishonored return?
5 banking days from the return settlement date.
What is the time frame for a contested dishonored return?
2 banking days from the dishonored return settlement date.
REG E: How long does a consumer have to report an unauthorized EFT to limit liability to $50?
Within 2 business days of learning of the loss or theft.
REG E: What is the consumer liability if reported after 2 business days but within 60 days?
Up to $500.
REG E: What is the consumer liability if reported after 60 days?
Unlimited liability for unauthorized transfers after the 60-day period.
How long does a consumer have to report an error under Regulation E?
60 days from the date the financial institution sends the periodic statement.
REG E: How long does a financial institution have to investigate an error?
10 business days (can extend to 45 days with provisional credit).
REG E: When must provisional credit be provided if more time is needed?
Within 10 business days of the error notice.
REG E: How long can the investigation period be extended for new accounts?
Up to 90 calendar days.
REG E: How long must financial institutions retain documentation of error investigations?
At least 2 years.
REG E: How long does a consumer have to cancel a remittance transfer?
Within 30 minutes of payment, if funds haven’t been picked up or deposited.
REG E: How long does a financial institution have to correct a confirmed remittance error?
Within 1 business day or as soon as reasonably practicable.
What is the return time frame for an R10 (unauthorized debit to consumer account)?
60 calendar days from the settlement date.
What is the return time frame for an R09 (uncollected funds)?
2 banking days from the settlement date.
What is the return time frame for an R08 (payment stopped)?
2 banking days from the settlement date.
What is the return time frame for an R07 (authorization revoked by customer)?
60 calendar days from the settlement date.
What is the return time frame for an R06 (ODFI request for return)?
RDFI must respond within 10 banking days of the request.
