Error Resolution

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.

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