Error Resolution

AAA

DEFINITION of 'Error Resolution'

A procedure that allows consumers to dispute bookkeeping errors or unauthorized transactions related to their commercial bank accounts. Federal Reserve regulations require that financial institutions investigate all complaints and re-credit all funds debited in error.

INVESTOPEDIA EXPLAINS 'Error Resolution'

The financial institution usually has between 10 and 45 days to investigate complaints. Federal regulations limit consumers' account liability to $50 if the bank is notified of the error, but can go as high as $500 otherwise.

RELATED TERMS
  1. Reconciliation

    An accounting process used to compare two sets of records to ...
  2. Fair Credit Reporting Act - FCRA

    The act that regulates the collection of credit information and ...
  3. Rounding Error

    A mathematical miscalculation caused by altering a number to ...
  4. Zero-Proof Bookkeeping

    A manual bookkeeping procedure in which posted entries are systematically ...
  5. Fair And Accurate Credit Transactions ...

    A U.S. resolution passed in 2003 that is aimed at enhancing protection ...
  6. Account Balance

    1. The amount of money in a financial repository, such as a checking ...
Related Articles
  1. How To Dispute A Credit Card Charge
    Credit & Loans

    How To Dispute A Credit Card Charge

  2. Identity Theft: How To Avoid It
    Insurance

    Identity Theft: How To Avoid It

  3. The History Of Consumer Credit Rights
    Credit & Loans

    The History Of Consumer Credit Rights

  4. 7 Misconceptions About The Federal Reserve
    Economics

    7 Misconceptions About The Federal Reserve

comments powered by Disqus
Hot Definitions
  1. Market Segmentation

    A marketing term referring to the aggregating of prospective buyers into groups (segments) that have common needs and will ...
  2. Effective Annual Interest Rate

    An investment's annual rate of interest when compounding occurs more often than once a year. Calculated as the following: ...
  3. Debit Spread

    Two options with different market prices that an investor trades on the same underlying security. The higher priced option ...
  4. Odious Debt

    Money borrowed by one country from another country and then misappropriated by national rulers. A nation's debt becomes odious ...
  5. Takeover

    A corporate action where an acquiring company makes a bid for an acquiree. If the target company is publicly traded, the ...
  6. Harvest Strategy

    A strategy in which investment in a particular line of business is reduced or eliminated because the revenue brought in by ...
Trading Center