If a customer notifies an institution of unauthorized EFT transactions more than 60 days after the date of the statement when the first unauthorized EFT transaction occurred, what is the institutions responsibility concerning this claim?

Answer:

While the institution is still required to investigate the claim, the institution is not obligated to comply with the provisional credit rules nor the 45-day (90-days) resolution time period. It should be noted that if the EFT claim does not involve fraud (i.e., the claim involves an approved transaction that was not clear for the correct amount or it involves a request of additional documentation regarding the transaction), the institution would not be required to conduct an investigation under this scenario.