Investopedia

Continue to Site »

Error Resolution

Filed Under » ,
Dictionary Says

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 Says

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.

Articles Of Interest

  1.

    How To Dispute A Credit Card Charge

    Follow these steps if you've been ripped off or spot an error on your bill.

  2. Identity Theft: How To Avoid It

    Don't be a victim of this disturbing crime. Get insight into how perpetrators commit this form of fraud.

  3. The History Of Consumer Credit Rights

    The Fair Credit Billing Act of 1974 gave consumers the power to dispute credit card charges.

  4. Financial Career Options For Professionals

    Find out if spreading your wings to try a new career will make you soar or fall flat.

  5. Leading Economic Indicators Predict Market Trends

    Leading indicators help investors to predict and react to where the market is headed.

  6. Lessons Learned From the Banking Crisis

    There are lessons to be learned on how to handle severe financial downturns, and while the Fed is learning, politicians may not be.

  7. Austerity: When The Government Tightens Its Belt

    When a government tightens its belt in tough economic times the entire nation feels the squeeze.

  8. Breaking Down The Fed Model

    Learn what pundits mean when they say that stocks are undervalued according to the Fed model.

  9. 7 Misconceptions About The Federal Reserve

    There are many fallacies about the Fed. The following misconceptions are among the most popular.

  10. The Link Between The Fed, Money, Debt And Taxes

    Assets on the Fed's balance sheet, money supply level, national debt level and economic production should be maintained in equilibrium.
comments powered by Disqus
Marketplace
Hot Definitions

  1. Validation Period

    The amount of time necessary for the premium on an insurance policy to cover the commissions, the cost of investigation, medical exams and other expenses associated with the issuance of the policy.

  2. Winner's Curse

    Because of incomplete information, emotions or any other number of factors regarding the item being auctioned, bidders can have a difficult time determining the item's intrinsic value. As a result, the largest overestimation of an item's value ends up winning the auction.

  3. Glocalization

    A combination of the words "globalization" and "localization" used to describe a product or service that is developed and distributed globally, but is also fashioned to accommodate the user or consumer in a local market.

  4. Disaster Loss

    A special type of tax-deductible loss, similar to a casualty loss, where a loss has been incurred by taxpayers who reside in an area that has been designated as a federal disaster area by the President.

  5. Fool In The Shower

    The notion that changes or policies designed to alter the course of the economy should be done slowly, rather than all at once.

  6. Pattern Day Trader

    An SEC designation for traders who trade the same security four or more times per day (buys and sells) over a five-day period, and for whom same-day trades make up at least 6% of their activity for that period.
Trading Center